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You are getting ready to purchase your first home. You wish topurchase a $400,000 home and the bank requires a 20% deposit. Yourfather-in-law will provide whatever amount you need after using thegovernments Homestart scheme and you withdraw your savings fromKiwisaver. Interest rates on a 20-year mortgage with fortnightlypayments are 6 percent per annum.a. What will your fortnightly payment be on a 20 yearmortgage?b. After 5 years of paying off this mortgage, you want toincrease your fortnightly payment to $1500. Assuming you have paid$96,000 in interest, when will you have your mortgage paid off?
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