estion 1 comprises two parts. Students must answer all parts of the question. Your friend. Scoots, is considering purchasing a hovercraft for 3850.000. He has a deposit of $125,000 and wants to bonow the balance to buy the hovercraft. His bank has just approved his loen application, however his pet tarantule has destroyed the loen documents and Scoots is unsure of what the repeyments on the ioen are. In his desperation, Scoots has called you knowing that you are a whiz at financial mathematics. You are given the following information: - The loan will be repaid over 20 years; - Interest is payable at a faed rate of 3\% per quarter, - Repaymenis are to be made morthly (assume there are exactly 12 months in a year); and, - The first repayment will be made exacty 1 month trom todey (le. the loan period starts one month from lodey). 1. Caiculate how much Scoots must repey each month. (3 marks) 1. Scoots now wants to know what the payout foure would be on the loan after exactly 8 years (i.e. how much principal he would stil owe the bark after he has made 96 payments). Caloulate the payout floure after eichit years