QUESTION 3 (24 marks) David-and-Jack (Pty) Ltd (David-and-Jack) is a mens attire manufacturer and retailer with a focus on mens formal and semi-formal wear. The entitys internal designers have recently produced a new shoe range design that has been approved by the directors for manufacturing. After evaluating the cash flow budget for the upcoming periods, however, the financial manager noted that David- and-Jack does not have enough finances available to finance the planned shoe range. The financial manager determined that based on the entitys capital structure, it will be best for the entity to fund the new shoe range with debt. Consequently, negotiations have been entered with Local Bank Ltd. for a R575 000 loan. Local Bank Ltd. has indicated that the bank is willing to provide the loan which will have a 11.8% annually compounding interest rate and 2-year period attached to it. Repayment must occur in equal semi-annual instalments. REQUIRED: Assist David-and-Jack (Pty) Ltd in drafting the loan amortisation schedule. Round to two decimals where applicable. Show all calculations. SHOW ALL THE MANUAL MATHEMATICAL CALCULATIONS FOR ALL OF THE INTERESTS, PRINCIPLES AND BALANCES.