5 . Lucas needs to settle a payment for his postgraduate programme . He is suggested by a bank to choose an option to repay the loan of $ 120000 with a nominal annual interest rate of 2.95 % , compounded monthly :
A monthly payment of $ 2000 has to be paid at the end of each month until the loan is fully repaid
( a ) Find the number of months to repay the loan , rounding up the answer correct to the nearest month .
[ 3 ]
( b ) Hence , find the amount of interest paid . [ 3 ]
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