Dolly wants to buy a house in Willoughby, Sydney. The purchase price of the house is $1,000,000. ANZ Bank requires 20% deposit and will lend her the balance of the required fund at a rate of 4.5% pa, compounded monthly. The loan repayable by equal monthly instalments over a period of 20 years. a. What will be the amount of each monthly repayment? b. How much will Dolly owe the bank after 5 years that is, after she paid 60 monthly payments?