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Note: Please show all working out and all steps, including which formulas were used ( e . g . present value of a series of

Note: Please show all working out and all steps, including which formulas were used (e.g. present value of a series of deposits)Maria has a monthly budget surplus of $4,500(before care loan repayments), Her major assets and liabilities are a car of $45,000, a car loan of $40,000, cash in bank is $2,500.
Question 1: Maria wants to repay her car loan of $40,000 within 3 years. Assess the objective of repaying the car loan within 3 years (assume the interest rate is 8%).(2 marks)
Question 2: Discuss the scope to establish a savings plan for Maria as she wants to work overseas for a period of one year (assume the required savings goal is $38,000 and the interest rate on savings is 5%)(5 marks)

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