4.Jane wants to buy a house and approaches the bank to borrow $606,000. The bank agrees to lend her the money and quotes a monthly repayment amount of $5,000 with no additional loan fees. If the banks quoted annual interest rate is 5%p.a compounding monthly calculate the number of fullmonth-end repayments using Excel. (answer by rounding down to whole number eg 50).

5.Jack needs $6100 in 6 years from today to buy a holiday. He invests $2500 today. Find the effective annual rate of interest that Jack needs to earn on this amount (as a %, 2 decimal places) in order to reach his goal. (Solve using excel =RATE function; Answer in percentage to two decimals without the % sign e.g. 1.88

10.You have the alternative of paying for university fees today for a payment of $15,000 or, you can select a payment plan where you pay $8,000 in 6 months from today and another $12,000 in exactly 18 months from today. If the interest rate is 9.9%p.a. compounding monthly, what is the advantage that the payment plan has over the upfront payment?