Question 5 [15 marks] (a) A loan of $200,000 was to be repaid over 10 years by monthly installments of an annuity-immediate at the nominal rate of 5% per year. After the 24th payment was made, the bank increased the interest rate to 6.0%. If the lender was required to repay the loan within the same period, how much would be the increase in the monthly installment? (b) A S10,000 loan is to be amortized with 12 equal quarterly payments over 3 years. The interest rate is 4.50%. Find the quarterly payment and construct an amortization schedule. (c) The Taylors buy a fishing boat and take out a S15,000 loan. The loan is amortized over 10 years with monthly payments at r(12-16%. After 3 years, they could refinance their loan at r(12) 14%, provided that they pay a penalty equal to 3 months' interest on the outstanding balance. Should they refinance? Jsiy yar xxrr