Sandy has taken out a $100,000 loan with Saint Jorge Bank to buy a new BMW 5 Series. The loan requires weekly repayments and the fixed interest rate on the loan is 4% p.a. compounded monthly. The duration of the loan is 5 years.

(a) Assuming that for the first 2 years, the loan repayments will be calculated based on the fixed interest rate. What is the weekly repayment for the first 2 years of the loan?

(b) For the remaining 3 years of the loan, the loan repayments will be calculated based on the new variable interest rate of 2.5% p.a. compounded weekly. What is the weekly repayment for the last 3 years of the loan?