A young couple borrow $5,000 on the 1st September, agreeing torepay it as well as the interest charged over 36 months with 36equal repayments, at the interest rate of 3%. No interest ischarged for their 3 interest-free months, but their first repaymentis required on the 1st of October.
a) Show all mathematical workings and formulas to calculate therepayment required to repay the loan and interest.
b) Calculate the individual monthly repayments required for all36 months, displaying them in a table with headings: "Month","Amount Owing", "Interest" and "Repayment". Show that thiscalculation method yields the same result as part a).
