Question 6 a) James is considering paying 50 into a fund on a monthly basis for ten years starting in one year's time. The interest earned will be 1 per cent per month. Once all of these payments have been made the investment will be transferred immediately to an account that will earn interest at 15 per cent per annum until maturity. The fund matures five years after the last payment is made into the fund. Required: Calculate the terminal value of the fund in 15 years' time to the nearest pound. b) Doug wishes to take out a loan for 2000. He has the choice of two loans: Loan 1: monthly payments for 36 months at an APR of 9.38 per cent Loan 2: monthly payments for 24 months at an APR of 12.68 per cent