A person decides to get a loan from the bank (today) to finance buying a piece of land. The borrowed amount is equal to $120,000. The arrangements with the bank state that the loan will be paid off in 96 equal monthly payments, based on an annual market interest rate of 12% compounded monthly. a) Calculate the monthly payment considering the given market interest rate. (10 points) b) If the monthly inflation rate is estimated to be 0.5%, calculate the value of the last payment (96th payment) in constant-worth dollars (i.e. when excluding inflation) (15 points)