Buzz takes out a loan for $500000 at an interest rate of 6.5%p.a. compounded monthly. The minimum monthly repayments over 30 years are currently $3160.35.
a. Calculate the outstanding debt after 2 year(s) of minimum payments.
	Calculator input:
	n=n=	Answer
	i=i=	Answer
	PV=PV=	Answer
	PMT=PMT=	Answer
	FV=FV=	Answer
	P/Y=P/Y=	Answer
	C/Y=C/Y=	Answer
		Outstanding debt =		Answer
b. After 2 year(s), Buzz recieves a gift of $12000 and pays off his loan as a lump-sum payment.
	(i)	If he then continues to make the same monthly repayments, how long will Buzz take to repay the loan?
		n =	Answer		(months)
	(ii)	How much interest will PV=PV= save? Calculate the balance remaining using your answer from b(i) and the final PMT.
		balance remaining using b(i) =
		$ Answer
		Final payment (pmt) amount =
		$ Answer
		Total repayment =		$ Answer
		Total interest saved =		$ Answer