Helen's husband, Jake, is also considering buying an investment property, but in Adelaide instead. Jake has calculated that he needs to borrow $450,000 from the bank to fund this purchase. The details for his loan are as follows:

The repayments for this loan will be made on a FORTNIGHTLY basis, the first payment being exactly 2 weeks from today. For the purposes of this assignment, assume there are EXACTLY 26 fortnights per year.

The loan will be repaid over 30 years with level repayments.

The interest charged on the loan is 5% p.a. compounding half-yearly

Using this information, answer the following questions. PLEASE SHOW WORKING OUT

d) Calculate the effective fortnightly rate for Jake's loan. Give your answer as a percentage to 4 decimal places.

e) Draw a cash flow diagram for Jake's loan as described above. Then calculate the size of his level repayment.