A window replacement company allow customers to pay in instalments. Mr Uindoless intends to have some windows replaced for a total of f I 5,000. The company applies a simple annual interest rate of 6 per cent on the original principal amount and asks customers to pay in 60 monthly instalments. Each instalment includes a 60'\" of the entire payment plus the relevant interests. In addition there is a 200 arrangement fee to be paid when the contract is signed. a) What is the APR for the ve-year loan? (Writs doum the equation that needs to be solvcd, no and to do the calculation) b) Why did the European Union make it a requirement that most loans present their interest rate as an annual percentage rate