4. Fred would like to purchase his own home. He would lake to know how much he can borrow based on what he can afford to repay. Prepare a budget for Fred and calculaio his current sovings capacity given his income and expense indormation as follows Gross (before tax) salary of $75,000 per annum, tax on salary of $20,400 rent of $390 per week: groceries of \$2a5 per week. utlity bils of $550 every quartor: moble phone bill of $65 per month: clothing estenses and miscellanecus expenses of $90 per week; petrol and other transport costs of $135 per week: car repairs, car insurance, maintenance and registrabion of $3,120 per amnum. a. How much is Fred's savings capocity? If cument interest rates are 6\%, what is the maximum home loan amount Fred can afford over a 20 year temm? Assume monthly repayments b. Are there any expenses that will no langer be incured it Fred buys his own home? Recalculate the maximum home ioan amount Fred can afiord avalable on the same tems as above