No excel working out

Handwrite all your answers. Provide clear and detailed workings. Question 2 (11 marks) The parts a), b) and c) below are independent questions which do not relate to each other. a) Bianca takes out a 23-year home loan of $750,000 at the interest rate of 3% p.a. compounded monthly. She makes equal month-end repayments including the principal and the interest. Calculate how much does Bianca repay at the end of each month. (Round your answer to the nearest cent.) (3 marks) b) Nancy takes out a 22-year home loan. She makes equal month-end repayments including the principal and the interest. For the first 7 years, Nancy needs to repay $3,500 each month. From the end of year 7, the interest rate changes to 4.2% p.a. compounded monthly and Nancy needs to repay $3,800 every month to be able to repay the loan on time. Use the prospective method to find the loan outstanding balance at the end of year 7. (Round your answer to the nearest cent.) (3 marks) c) Oliver takes out a home loan of $960,000. For the first 10 years, he only repays the interest amount at the end of each month. After the interest-only period expires, Oliver needs to repay both the principal and the interest amount every month end. Below is the loan repayment schedule for month 132. Month 132 i. Opening balance of the loan 914,997.77 ii. Interest Paid 2,744.99 Principal Paid 4,165.12 Using this information answer parts i) and ii) below: Calculate the total interest paid in year 10. (Round your answer to the nearest cent.) (2 marks) Ending balance of the loan 910,832.65 Calculate the total interest paid in year 11. (Round your answer to the nearest cent.)