Your bank has also received an application from Alex Chan for a 3-year home renovation loan. The interest rate chargeable on the home renovation loan is 4% p.a. on a flat rate basis. Alex earned an annual income of $60,000 and he does not have any other loan commitments. Calculate the following:

(i)	The maximum amount of home renovation loan that your bank will grant to Alex.

(ii) The monthly instalment for the above home renovation loan that Alex has to service. (iii) The first 3 months of the amortised loan repayment schedule for the above home renovation loan. You are to use the following format for the amortised loan repayment schedule:

Month	Beginning Balance	Total Payment Paid	Interest Paid	Principal Paid	Ending Balance
1
2
3