Question: ANSWER E WITH STEPS. ONLY E. USE TIBAA II FUNCTIONS. Angelo Lemay borrowed $8,000 from his credit union. He agreed to repay the loan by

ANSWER E WITH STEPS. ONLY E. USE TIBAA II FUNCTIONS.

Angelo Lemay borrowed $8,000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly a. What is the size of the monthly payments? (2 marks) b. How much will the loan cost him? (1 mark) c. How much will Angelo owe after 18 months? (1 mark) d. How much interest will he pay in his 36th payment? (1 mark) e. How much of the principal will be repaid by the 48th payment? (1 mark)

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