Question 3 (40 marks) Sarah wanted to buy a house in Launceston and she borrowed $350,000 from Commonwealth Bank. The bank offered an interest rate of 126 = 6% p.a. She agreed to repay this loan with fortnightly payments of $1,500, with the first payment occurring one fortnight after the loan was taken out. (a) Determine how long it takes to repay the loan. (5 marks] (b) After making 11 payments she lost her job and missed the 12th, 13th and 14th payments. By the time of the 15th, the payments were resumed. How big does the 15th payment have to be to return to the original repayment schedule? (10 marks] (c) From the 16th payment onwards she decided to pay off the loan with only $1,200 per fortnight. Find the size of the partial payment. Describe and perform a sanity check on your answer. [15 marks] (d) Construct an amortization table showing the last five payments (i.e two full pay- ments and a partial payment), and describe and perform a sanity check on the final outstanding principal. [10 marks/ Question 3 (40 marks) Sarah wanted to buy a house in Launceston and she borrowed $350,000 from Commonwealth Bank. The bank offered an interest rate of 126 = 6% p.a. She agreed to repay this loan with fortnightly payments of $1,500, with the first payment occurring one fortnight after the loan was taken out. (a) Determine how long it takes to repay the loan. (5 marks] (b) After making 11 payments she lost her job and missed the 12th, 13th and 14th payments. By the time of the 15th, the payments were resumed. How big does the 15th payment have to be to return to the original repayment schedule? (10 marks] (c) From the 16th payment onwards she decided to pay off the loan with only $1,200 per fortnight. Find the size of the partial payment. Describe and perform a sanity check on your answer. [15 marks] (d) Construct an amortization table showing the last five payments (i.e two full pay- ments and a partial payment), and describe and perform a sanity check on the final outstanding principal. [10 marks/