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Question 8 (a) Sharon and Stephen are a couple in their 60's and seek stability...

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Question 8 (a) Sharon and Stephen are a couple in their 60's and seek stability and regular income to continue to enjoy their retired life. If you had a choice to advise them on their investments, what products would you recommend and why? (5 marks) (b) Consider a credit card and a debit card i. What are the major differences between the two products? (3 marks) ii. Why would anyone want to use a credit card when the cost of borrowing using a credit card is very high? (3 marks) iii. Tom needs $10 000 to settle his debts urgently. He can withdraw from his current loan arrangements which has a rate of interest 8.5% compounded monthly or he can arrange a personal loan at 12% p.a. compounded monthly. If he can repay the funds in exactly one year, what is the difference in cost? (4 marks)

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