Assignment 5.2: Loans and Investments (continued) 2. Phil and Kristy would like to purchase a cottage, which costs $192,000. They can either amortize this amount over 15 years or 20 years. The interest rate in both cases is 58%, compounded semi-annually, with monthly payments and a down payment of $30,000, a) What length of term would you suggest they accept? Support your answer by showing TVM calculations (or other software applications). (4 marks) b) What other suggestions could you give them to help them reduce the amount of interest they must pay on a mortgage? (2 marks) 75