SECTION B --50 marks Instructions: This section contains Two (2) questions each worth 25 marks. Please answer . Question 26 (25. marks) Joseph Campbell bought a yacht for $40,000. He put $15,000 down, and said he would repay the balance in 5 equal annual installments at 12% (a) How much will each of his annual mortgage payments be? What will his balance be at the end of year three (3)? Use the loan amortisation schedule to illustrato your answer (10 Marks) (b) What is the total interest collected by the bank over the life of the loan? (5 Marks) () of Bobby made a lump-sum payment of $3.000 at the end of year three (3) what would his interest payment be in year four (4)? (5 Marks) (d) If the facility was calculated as using the Add-On method, how much interest would the hank receive over the five years