Go Fund Me specialise in offering start-up loans for new small businesses. A new wine bar is planning on opening up and has requested a loan of $100,000 from Go Fund Me to get started. The wine bar...

Extracted text: Go Fund Me specialise in offering start-up loans for new small businesses. A new wine bar is planning on opening up and has requested a loan of $100,000 from Go Fund Me to get started. The wine bar has opted for the 2-year fixed interest repayment plan with an interest rate of 3% per annum compounded monthly. What size monthly repayments will the wine bar need to make? Also, calculate the amount of interest (a) payable on this loan.