Samantha wants to start a new business and needs to raise $200,000 to cover the startup costs. She is considering two options to finance the business: taking out a 3-year loan with a fixed interest rate or issuing equity shares to investors. The loan has an annual interest rate of 8%, and Samantha will need to make equal monthly payments throughout the life of the loan. She can also raise the $200,000 by issuing equity shares at a price of $5 per share. If Samantha decides to issue equity shares, she expects the business to generate an average annual net income of $75,000 for the next 3 years.

a) Calculate the total amount of interest that Samantha will pay over the life of the loan.
b) Calculate the monthly payment that Samantha needs to make if she decides to take out the loan.
c) Calculate the number of shares that Samantha needs to issue to raise $200,000.
d) Calculate the annual rate of return that the equity investors will earn if the business generates an average annual net income of $75,000 for the next 3 years.

Show all calculations and round your answers to the nearest cent.