Bud takes out a loan for $600000 at an interest rate of 8%p.a. compounded monthly. The minimum monthly repayments over 25 years are currently $4630.90.
a. Calculate the outstanding debt after 1 year(s) of minimum payments.
	Calculator input:
	=n=	Answer
	=i=	Answer
	=PV=	Answer
	=PMT=	Answer
	=FV=	Answer
	/=P/Y=	Answer
	/=C/Y=	Answer
		Outstanding debt =		Answer
b. After 1 year(s), Bud recieves a gift of $10000 and pays off his loan as a lump-sum payment.
	(i)	If he then continues to make the same monthly repayments, how long will Bud take to repay the loan?
		n =	Answer		(months)
	(ii)	Calculate the balance remaining using your answer from b(i). Hence, calculate the final payment (PMT).
		balance remaining using b(i) =
		$ Answer
		Final payment (pmt) amount =
		$ Answer
		Total repayment =		$ Answer

		Total interest saved =		$ Answer