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Question 2 (Total: 10 marks) Stanley takes out a 30-year Loan X from a bank on 1 January 2002 for RM 24 for a nominal rate of interest of 8% convertible quarterly. The first payment is made on 1 April 2002. Payments are made at the beginning of each quarter. (a) Calculate the principal repayment of Loan X on 1 July 2012. (b) (c) (d) (2 marks) Calculate the total interest earned by the bank. (1 mark) Suppose on 1 January 2020, he refinances the loan with a new nominal rate of interest of 6% convertible quarterly and the new mortgages will be paid off on the same date as the original one. He also made an additional payment of RM50,000 into Loan X at the time of refinancing. Calculate the revised quarterly mortgage payment of Loan X. (4 marks) (3 marks) Create a sinking fund schedule for Loan X. Question 2 (Total: 10 marks) Stanley takes out a 30-year Loan X from a bank on 1 January 2002 for RM 24 for a nominal rate of interest of 8% convertible quarterly. The first payment is made on 1 April 2002. Payments are made at the beginning of each quarter. (a) Calculate the principal repayment of Loan X on 1 July 2012. (b) (c) (d) (2 marks) Calculate the total interest earned by the bank. (1 mark) Suppose on 1 January 2020, he refinances the loan with a new nominal rate of interest of 6% convertible quarterly and the new mortgages will be paid off on the same date as the original one. He also made an additional payment of RM50,000 into Loan X at the time of refinancing. Calculate the revised quarterly mortgage payment of Loan X. (4 marks) (3 marks) Create a sinking fund schedule for Loan X