Tracy wants to take out a loan for $26,990 to purchase a car. Her bank has offered a 5 year loan at 7.35% P.A with monthly repayments. The car manufacturer has offered her a 4 year loan at 8.1% P.A with fortnightly repayments.

Answer the following 3 questions for Tracy. Enter your answers as a number to 2 decimal places with no dollar sign. Example: 1243.99

In the 4th question below, show all workings for Tracy. If you used your financial calculator, list the key values you entered.

• Calculate Tracy's monthly repayments if she takes the bank loan.
• Calculate Tracy's fortnightly repayments if she takes the loan from the car manufacturer.
• Suppose that Tracy can afford the repayments on either loan. Calculate the difference in interest paid in total between the two loans.
• Show all workings for Tracy. If you used your financial calculator, enter the key values you entered.