Robert wishes to start his own restaurant and will have to borrow $150 000 from the bank to help home get started. He can afford to repay this loan with monthly payments of $1000, with interest being charged at j12=6.5%p.a

1. assuming the first repayment occurs one month after he takes out the loan determine the length of time it will tak robert to repay the loan
2. describe and perform a sanity check on your answer from part b
3. find the size of the partial payment. Describe and perform a sanity check on your answer