Mr.Wong want to purchase an apartment for $200000. A Bank is prepared to load him $150000. The loan repayments to the bank are to be made on a monthly basis for a term of 15 years, and the stated annual interest rate quoted by the bank is 9.25% p.a., compounded monthly.
a. What will be the amount of his monthly loan repayments?
b. Immediately after paying the 36th loan repayment, Mr.Wong wishes to pay out the loan in full. How much will be needed to pay out the loan at this time?