Bill has just taken out a loan with his bank to help start up his business. His monthly repayments are $475 for the next 5 years. The interest rate on the loan is 5.25% P.A. compounded monthly.

Answer the following 2 questions for Bill. Enter your answers as a number to 2 decimal places with no dollar sign. Example: 1243.99

In the 3rd question below, show all workings for Bill. If you used your financial calculator, list the key values you entered.

• How much did Bill borrow?
• How much interest did Bill pay in total?
• Show all workings for Bill. If you used your financial calculator, enter the key values you entered.