question 1

Repaying a tuition loan will take 5-years and will require monthly payments of $311.38. The loan

charges interest at a nominal rate of 6.0%, compounded monthly. Assume the payments are made at

the end of each month, and you receive the loan today.

a) What is the amount of the loan?

b) If you made payments twice-a-year (instead of monthly), how large would the payments be to

pay off the loan in the same 5-years?

this question is from actually the question paper so dont need graph or its not missing data. or dont leave comment as 'incomplete question" because it is not. please. thank you.