Now that they have accumulated a deposit of 40,000, Jack and Jill intend to use the deposit to take out a housing loan to purchase a home. The house cost $490,000. The loan is to be repaid in equal monthly installments (end of the month) over a term of 25 years. The interest rate quoted by the bank is = 4.8%pa.

i. calculate the effective annual rate on the loan

ii. How much is the monthly repayment?

iii. How much interest is in the 90^th repayment?

Iii how much would they still owe immediately the 200^th repayment?