Question 16 Not yet saved Marked out of 3.00 Flag question For the next 3 questions consider the following. Please note you are required to answer all THREE questions. Jane Smith is considering the purchase of a house and will require a bank loan of AUD800,000. The bank has indicated the following terms: 4.8% pa (monthly equivalent rate of 0.4%) fixed interest, 20-year term, monthly repayments, interest and principal such that the loan is fully repaid. [Choose the closest answer choice] Q16.1 - What is the monthly repayment amount? AUD 5,731 AUD 5,191 AUD 4,133 AUD 5,010 AUD 4,701 Q16.2 - If Jane increases the monthly repayment by AUD1000, how many years (approximately) will it take to fully repay the loan? 18 years 19 years 15 years 12 years 11 years Q16.3 As an alternative, the bank has offered an interest only loan at a rate of 6.5% pa. What is the monthly repayment amount? AUD 4,000 AUD 4,333 AUD 2,951 AUD 3,200 AUD 5,200