Not yet answered Marked out of 5.00 Flag qu A family purchases a holiday cottage and borrows $900,000 from their bank at 5% per annum payable monthly. The level monthly instalments of principal and interest are required for 20 years. Required: a. Calculate the monthly instalment amount. [Hints: PVIFA = =151.53] (2 marks) 5%,20 b. By setting up a loan repayment schedule, find the amount of loan repaid in first Three (3) months. (3 marks) a. Paragraph Monthly Instalment = BIE b. Month Loan outstanding at Interest due Principal repaid Loan outstanding at the start of month end of the month 1 2 3 [Show workings here] Monthly instalments: [