Do not write solutions on this page. Section B Answer all questions in the answer booklet provided. Please start each question on a new page 3. [Maximum mark: 9] a. Phil takes out a bank loan of $150 000 to buy a house, at an annual interest rate of 3.5%. The interest is calculated at the end of each year and added to the amount outstanding Find the amount Phil would owe the bank after 20 years. Give your answer to the nearest dollar b. To pay off the loan, Phil makes annual deposits of $P at the end of every year in a savings account, paying an annual interest rate of 2%. He makes his first deposit at the end of the first year after taking out the loan. (L.0920 - 1)P Show that the total value of Phil's savings after 20 years is c. Given that Phil's aim is to own the house after 20 years, find the value for P to the nearest dollar