Recently, the real estate market is hot, but the interest rate on mortgages keeps increasing. Now
you work as a financial advisor and one client, Abby, comes to you regarding the mortgage. Your
first task is to find out the mortgage rate from Commonwealth, NAB, ANZ and Bankwest for
residential properties with variable interest rates The interest information is available on banks
website After you explain the relevant information to Abby, he said he was looking for a property
cost $ which he could provide deposit and took a year mortgage. He would like
to know the monthly, fortnightly and weekly payment of the mortgage.
Based on the information you provide; Abby decided to go for the monthly payment. He also
queries for information about how much interest in total he had to pay for the mortgage. He seemed
unhappy with the answer but given his current financial situation, there was no other options
years after Abby signed the mortgage agreement with the bank, he came back and seek your
opinions again. He would like to reduce his monthly payments by and he asked you about
how much he should pay back to the bank assume that he just made his last payment The number
was too high for Abby, and he was interest to know if he would like to finish the mortgage in the
next years, how much he had to pay for monthly, fortnightly and weekly? Also how much
interest he can save.
Request:
Show all the detailed calculations or the following items:
What are the interest rates from different banks? Which one do you prefer?
What is the monthly, fortnightly and weekly repayment amount?
How much interest in total Abby has to pay if he preferred monthly payment?
How much Abby has to deposit to reduce his monthly payment to
What is the monthly, fortnightly and weekly payment if he finished his mortgage in the
next years and how much interest he can save
based on the calculations, summarise all the information and provide a report to Abby.
