You decide to treat your friends to a $20,000$ luxury trip to the tent village at World Cup in Qatar.

You must borrow the full amount $)$ on your credit card. The interest rate is $2\mathrm{.}0$ per cent per

month, compounded on a monthly basis. $(20$ Points$)$

Required:

i$.$ Assuming there no additional fees or late payment fees, what is the future balance of your

credit card if you make no payments for $5$ years based on the interest rate above?

ii$.$ How long will it take you to pay off this debt assuming that you do not charge anything else and

only make regular monthly payments of $500?$

iii. After $12$ months of making $500$ monthly payments on your credit card, Easy Bank offers you an

amortising loan with the same payment of $500$ but with an effective annual rate of $6\mathrm{.}17\%.$

How long will it take to pay off the loan?