Question 1 (a) Brian borrows $500,000 now and the interest rate on the loan is $8% p.a. compounded monthly. Calculate the total amount of payment and the total amount of interest to be paid when the...

Extracted text: Question 1 (a) Brian borrows $500,000 now and the interest rate on the loan is $8% p.a. compounded monthly. Calculate the total amount of payment and the total amount of interest to be paid when the loàn is settled after two years using the following two payment methods. (i) A lump sum of principal and interest to be paid at the end of two years. ! (ii) Regular payments to be paid at the end of each month in the coming two years.