Charlie has decided to purchase a small new apartment 15 kilometers from the city as an investment for $400 000. As this is a large building, payment for the apartment will not need to be made until construction is complete in two and a half years (130 weeks). In order to fund the purchase, Charlie has arranged an 80% loan from the bank ($320 000), which he will pay off on a monthly basis over a 30-year period. The interest rate on the loan is 2.35% p.a. He will rent the property out and the rental income he receives will be enough to cover the principal and interest on the mortgage and also other property related costs during each year. In order to successfully settle the property in two and a half years' time, Charlie will need to save a 20% deposit, and will also require a further $15 000 for legal and bank fees. 5. Calculate how much Charlie will need to save per week in order to have the funds he will need to settle the property in 130 weeks' time. Charlie has opened a bank account at his local bank that pays 1.5% p.a. compounded weekly. Show formula, variables, calculations and a concluding statement in your response. (1 x 4 = 4 marks) 6. What will Charlie's monthly repayments be on his loan once the property is settled and complete? Show formula, variables, calculations and a concluding statement in your response. (1 x 4 = 4 marks) 7. Based on historical data, Charlie expects the value of his property to grow by 4.5% p.a. What will the value of his property be when he retires in 43 years' time? Show formula, variables, calculations and a concluding statement in your response. (1 x 4 = 4 marks)