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Ellen borrows some money today from his bank who charges interest at 7.2% p.a. compounded monthly. Ellen has the following options to repay his loan.

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Ellen borrows some money today from his bank who charges interest at 7.2% p.a. compounded monthly. Ellen has the following options to repay his loan. Option 1: He repays $6,000 in three years and $9,000 in five years. Option 2: He repays the same amount of $X at the end of each month for the next five years. The two options are equivalent. Which of the following equations can be used to find X. (There may be more than one correct answer. You will lose marks by choosing a wrong answer. The minimum mark for the question is zero.) Select one or more: a. = 6000(1.006) -36 + 9000(1.006)-60 * (1 1.006-60) 0.006 X b. 6000(1.072)2 + 9000 * (1.0725 - 1) 0.072 C 6000 9000 (1 1.006-36) + (1 1.006-60) 0.006 0.006 X 0.006 (1 1.006-60) d. X 6000(1.072)-3 + 9000(1.072)-5 10.072 * (1 1.072-5) e X 6000(1.006)36 + 9000(1.006)60 *(1.00660 - 1) 0.006 X 16000(1.006)24 + 9000 = * (1.00660 - 1) 0.006

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