Jack and Jill take out a housing loan to purchase a home worth $480,000. They had a deposit of $80,000. The loan is to be repaid in equal monthly instalments over a term of 20 years. The interest rate quoted by the bank is 8.75%pa nominal with interest added monthly. (a) How much are the monthly repayments? (b) How much interest is in the 50th repayment? (c) If Jack and Jill decide to pay out the loan immediately before making the 100th payment, what is the payout figure? Clearly state any assumptions you make.