George wants to buy a house and finds a house for sale in Auckland for $960,000. George is advised by his bank that the minimum deposit required for a mortgage loan is 10% and the current mortgage rate for a 30-year loan is 6.5%. You must show your calculations or your inputs to Excel or financial calculator.

a.Assuming the mortgage rate stays the same during the loan period, how much does George need to pay every fortnight to his bank? (Note: there are 52 weeks in a year).

b.If George instead pays a 20% deposit and makes repayments of $2,519.31 every fortnight, in how many years will the mortgage loan be paid off?