Group Project: Part A - House Loan (Mortgage) (50 marks] Jack Maa is a Professor in Higher Colleges of Technology and a Chinese citizen resident in Sharjah. He is planning to buy a six (5) bedrooms villa in the New project AL ZAHIA area in New Sharjah. The villa is priced at AED 3,000,000. However, Dr. Maa does not have enough money to pay for his desired villa and must borrow additional funds from the bank to finance his purchase. Dr. Maa has actually AED 360,000 in his Savings Account with FAB and AED 450,000 in his HSBC Savings Account. Please use the souqalmal (https://www.souqalmal.com/ae). website and pick any bank and banking loan that you feel best suits Dr. Bezos interests. Be mindful, there are different loan products for expatriates and for Emiratis and general personal loans, house loans, auto loans, conventional loans and Sharia- compliant loans. Some are by their nature cheaper than others. Check the interest rates, early settlement penalties, salary transfer requirements, loan arrangement fees, minimum qualifying salary and repayment holidays. Required: 1. In a paragraph, justify why you have chosen the loan that you have chosen. (5 marks) 2. How much will Dr. Maa need to borrow in order to buy the AL ZAHIA villa? (5 marks) 3. Amortize the loan, using excel spreadsheet, if annual payments across a 25-year period. (20 marks) 4. What are the advantages and disadvantages of borrowing at a fixed interest rate? (10 marks) 5. Do you think Dr. Maa should take a fixed or variable interest rate for this mortgage? Justify why or why not? (10 marks) Group Project: Part A - House Loan (Mortgage) (50 marks] Jack Maa is a Professor in Higher Colleges of Technology and a Chinese citizen resident in Sharjah. He is planning to buy a six (5) bedrooms villa in the New project AL ZAHIA area in New Sharjah. The villa is priced at AED 3,000,000. However, Dr. Maa does not have enough money to pay for his desired villa and must borrow additional funds from the bank to finance his purchase. Dr. Maa has actually AED 360,000 in his Savings Account with FAB and AED 450,000 in his HSBC Savings Account. Please use the souqalmal (https://www.souqalmal.com/ae). website and pick any bank and banking loan that you feel best suits Dr. Bezos interests. Be mindful, there are different loan products for expatriates and for Emiratis and general personal loans, house loans, auto loans, conventional loans and Sharia- compliant loans. Some are by their nature cheaper than others. Check the interest rates, early settlement penalties, salary transfer requirements, loan arrangement fees, minimum qualifying salary and repayment holidays. Required: 1. In a paragraph, justify why you have chosen the loan that you have chosen. (5 marks) 2. How much will Dr. Maa need to borrow in order to buy the AL ZAHIA villa? (5 marks) 3. Amortize the loan, using excel spreadsheet, if annual payments across a 25-year period. (20 marks) 4. What are the advantages and disadvantages of borrowing at a fixed interest rate? (10 marks) 5. Do you think Dr. Maa should take a fixed or variable interest rate for this mortgage? Justify why or why not? (10 marks)