TASK: 2 (40 marks) Apply your understanding about the present value and future value of annuities and prepare TWO Loan EMI (EMI = Equated Monthly Installments) payment schedules based on the following instructions: 1. Loan Summary and schedule of Short term loan (20 marks) 2. Loan Summary and schedule of Long term loan (20 marks) Guidelines: 1. Suggested Short term Loan period is 1 year to 3 years 2. Suggested Long term Loan period is 7 years and above 3. Each loan summary should contains following points: a. What type of loan is chosen? b. Why it is chosen? c. Interest rate, number of years (loan period) and loan amount to be assumed and clearly stated d. Starting date and ending date of the loan period is to be mentioned 4. The payment schedule should cover the following: a. Serial No. b. Date (period) C. EMI amount (EMI = Equated Monthly Installments) d. Principal component of the EMI e. Interest component of the EMI f. Interest paid to date g. Principal paid to date h. Principal balance