Now that they have accumulated a deposit of 60,000, Jack and Jill intend to use the deposit to take out a housing loan to purchase a home. The house costs $460,000. The loan is to be repaid in equal monthly instalments (end of month) over a term of 30 years. The interest rate quoted by the Bank isj₁₂= 6%pa.

1. Calculate the effective annual rate on the loan.
2. How much is the monthly repayment?
3. How much interest is in the 100^threpayment?
4. How much would they still owe immediately after the 240^threpayment?