Jayne Saxby is considering buying a new house for
Question 1 a.Jayne Saxby is considering buying a new house for $500,000 and needs to borrow money from a bank. Currently, ANZ bank offers a 30-year loan. She can choose to pay weekly at an interest rate of 4.55% pa, or fortnightly at 4.75% pa. (i) Which payment option should Jayne choose? (ii) If Jayne wants to pay $1,000 a week, how long will it take her to pay off the loan? b.Jennifer Jean is 30 years old and has just had a baby son. She and her husband want to open a “Bump” savings account with Westpac for their baby and save up to $200,000 by the time he is 18 years old. Westpac’s savings rate is currently at 2.5%…
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