Q3. Donald Biden is planning to buy a property that costs $7 million. He wants to use his savings of $1 million and obtain a mortgage loan of $6 million for the balance amount. The loan is available at an interest rate of 8% p.a. and needs to be repaid in equal annual instalments. Required: a) If the tenure of the loan is 15 years, determine the annual instalment, total payment on the loan, and the total interest paid. b) If Donald Biden wants to reduce the tenure to 10 years, what will be the savings in the interest. c) If the interest rate increases to 10% what will be your answer for a) and b) above? d) If Donald Biden can pay an annual instalment of 0.57 million, what will be the maximum loan he can obtain for a 10-year tenure at 8%, and 10% interest rates respectively. (5+5+5+5=20) Enter your B I Tota