2/ Nine years ago, Ann entered into a $34,000 mortgage loan of 20 years and at a fixed rate of 12% p.a. (compounding monthly) with HSBC a. What is Ann's monthly payment? b. How much does she still owe the bank now? c. Ann decides to refinance her loan with ANZ who offers 10% p.a. (compounded monthly for mortgage loan). There is no cost associated with this refinancing. What is her monthly savings from this refinancing? 3/ On June 1, you borrowed $212,000 to buy a house. The mortgage rate is 8.25% p.a. The loan is to be repaid in equal monthly payments over 15 years. The first payment is due on July 1. How much of the second payment applies to the principal balance? assume that each month is equal to 1/12 of a year). 4/ The following interest rates are being offered by 4 competing banks: 15% compounded annually: 14.2% compounded quarterly: 14.15% compounded monthly; 14.1% compounded semi-monthly. Which one is the most attractive if you are to deposit money into the bank