Now that she has accumulated a deposit of $200,000, Wendy wishes to use this deposit and take out a housing loan to purchase a home. The home costs $900,000. The loan is to be repaid in equal quarterly instalments over a term of 15 years. Wendy recalls that the interest rate quoted by the bank is an annual nominal rate of 3.2%pa compounded quarterly. After 5 years (20^th repayment just about to be made), Wendy gets a large bonus at work and decides to pay out what is owing on the loan.

(i) How much is the quarterly repayment?

(ii) How much is owed at the time of the pay out?

(iii) Provide Wendy with a repayment schedule using excel at the time the loan is made.

(Answers should be accurate to the nearest dollar, typed answer with formula outlined)