Formula Shant - Word . You have recently started a new job and are thinking about taking a holiday to celebrate the end of your studies. You are thinking about borrowing from the bank to pay for the holiday, and then repay the loan over a 3-year period. Your parents however have told you that you should save for your holiday instead. You think you will need RMB 50,000 for your holiday. The bank will lend you money at 15% per annum, alternatively, you can save your money at 1.5% per annum a) How much would you have to repay per month if you were to borrow the VRMB 50,000 from the bank? (1 Mark) b) If you saved the same amount per month as you would have to repay on the loan (use the answer from a) for three years at the savings rate, how much would you have for your holiday? (Assume you currently have no savings) Click here to enter texte (1 Markle c) If you saved the same amount per month as you would have to repay on the loan (use the answer from a), how long would it take you to save VRMB 50,000? Click here to enter text. (1 Mark) d) You have decided that waiting three years is too long, but you can wait 24 months before you go on your celebration holiday. Assuming you are saving the same amount as you would have to repay had you borrowed the money (use the answer from a), what rate of return would you need to receive to have VRMB 50,000 in 24 months? Click here to enter text. (1 Mark) e) Your parents have agreed to help you out as a reward for finishing your studies. They have offered to put RMB 5,000 in the bank for you at 1.5% per annum. Recalculate your answer for d) taking into account the money that your parents have deposited for you. - QQ WC