Wayne takes out a loan for $1200000 at an interest rate of 5.7%p.a. compounded monthly. The minimum monthly repayments over 30 years are currently $6964.81.
a. Calculate the outstanding debt after 8 year(s) of minimum payments.
	Calculator input:
	=n=	Answer
	=i=	Answer
	=PV=	Answer
	=PMT=	Answer
	=FV=	Answer
	/=P/Y=	Answer
	/=C/Y=	Answer
		Outstanding debt =		Answer
b. After 8 year(s), Wayne transfers the remainder of her loan to a bank charging a home loan interest of 5.45%p.a. compounded monthly.
	(i)	Calculate the new monthly repayment
		monthly payment =		$Answer
	(ii)	How much interest will Wayne save? Calculate the balance remaining using your answer from b(i) and the final PMT.
		Total interest saved =			$Answer