QUESTION 1 Suppose you borrow a 30-year loan of $500,000. The payment is monthly and equal-sized, and the annual interest rate of the loan is 12%, compounded monthly. The first payment is due after one month. (a) Calculate the monthly payment. (5pts) (b) Twenty years later, you decide to restructure the loan for a longer period. To do this, you first pay back the remaining principal (the present value of the remaining payment cash flow stream) plus an early repayment fee that is 3% of the remaining principal. At the same time, you borrow a new 20-year loan of this amount (remaining principal plus fee), at the same annual interest rate (compounded monthly) and with equal-sized monthly payment. What is the monthly payment for this new loan? (5pts) You may need the following numerical result: -120 (1 + 1%)-1 = 0.302995