You have taken out a home loan of $400,000 at an interest rate of 3.6% per annum compounded monthly. Under your loan agreement you will repay the loan in 240 level payments made at the end of each...

You have taken out a home loan of $400,000 at an interest rate of 3.6% per annum compounded monthly. Under your loan agreement you will repay the loan in 240 level payments made at the end of each month and starting at the end of the first month.

(a)  How much is each payment? Give your answer rounded to the nearest cent.                                                                                                                      (b)  Determine the principal repayment on the payments at the end of each of the first and second months. Give your answers rounded to the nearest cent.