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(a) Susan bought an apartment and obtained a loan from a bank which requires her to pay monthly mortgage payments over 25 years at a

(a) Susan bought an apartment and obtained a loan from a bank which requires her to pay monthly mortgage payments over 25 years at a nominal mortgage rate of 3% per annum, compounded monthly. Mortgage payments are made at the end of every month. After 3 years, 36 monthly mortgage payments have been made. The interest component of the 37th monthly mortgage payment is $1,800. Calculate the value of the loan that Susan borrowed from the bank. (8 marks)

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