This question relates to loan repayments and loan terms. Ron and Robin Reid wish to borrow $540,000 to buy a home. The loan from Biggles Bank requires equal monthly repayments over 20 years, and carries an interest rate of 7.8% per annum, compounded monthly. The first repayment is due at the end of the first month. You are required to calculate: i) the amount of $X, if - instead of the above - Biggles Bank agrees that Ron and Robin will repay the loan by paying the bank $3, 300 per month for the first 12 months, then $3, 750 a month for the next 12 months, and after that $X per month for the balance of the 20 year term. ii) how long (in years and months) it would take to repay the loan if, alternatively, Ron and Robin decide to repay $2, 500 per month, with the first repayment again being at the end of the first month after taking the loan, and continuing until the loan was repaid. iii) |under option iv) above, the amount of the final repayment