(a) Describe the terms Whole Life Annuity and Present Value of money in actuarial calculations. (b) Ms Smith plans to take out a loan of £15000 from her bank which is to be paid back over 3 years in 36 equal monthly payments. The monthly payments are to be paid at the end of each month throughout the specified loan period and the interest is charged monthly at a rate of 9% per annum. Calculate the amount of the monthly payment for Ms Smith's bank loan. Show all your working.

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