Daniel and Joann wish to borrow $450,000 to be repaid by monthly instalments over a period of 30 years at 6% pa. The first payment is due at the end of first month. a. What is the effective annual interest rate? b. What is the monthly repayment, to be paid in equal instalments? c. Suppose now that they won a lottery at the end of the 10th year and received $150,000. They decide to pay half of this winning towards the loan at the end of the 10th year and wish to pay off the loan in 15 years from the time they made this large payment. If everything else remains the same, what should be the monthly repayment from year 11 onwards