Habib Bank makes a loan of $1250000 for a term of 21 years at an interest rate of 9.850000000000001% compounded 2 times per year. The loan will be repaid with level payments at the end of each month.

a) What are the level payments?

b) If Habib Bank does not re-invest the loan payments, how much money will they have at the end of 21 years?

c) If Habib Bank re-invests the loan payments each month in an account earning 2.35% (compounded 2 times per year), how much money will they have?