Q. 3: a) Dr. Chuck has taken a fully ammortizing bank loan to provide liquidity to his ailing laundry business to which he initially aims to contribute $4,000 per month. The local bank has a special SME program with an implicit rate of 9% per annum. Furthermore, the maturity of this loan is set at 5 years from now. Determine the initial principal amount and draw the ammortization table.

Q. 3: b) Suppose now that halfway through the loan duration, Dr. Chuck won a lottery worth $20,000 and wants to make a principal repayment of the same amount. Now since Dr. Chuck has made a significant payment, he aims to contribute $3,000. Draw the new ammortization table and find the additional amount of principal payment that Dr. Chuck would have to make in order to make the payment of $3,000 per month