Using the PVA and EAR formula to calculate the principal amount of $995433:

a. i. Initial fortnightly payment of a 20-year mortgage. ii. Fortnightly payment in Year 5 8 if the interest rate is increased by 2.5% after 4 years. iii. Fortnightly payment from Year 9 onwards if the interest rate is further increased by 2% after 8 years. iv. Effective annual interest rate for Year 1-4, Year 5-8, and Year 9 onwards. v. Average effective annual interest rate of this mortgage. b.Explain how the extra fortnightly repayment affects the terms of the mortgage.