a. [8 marks] Josh would like to open a saving account when he arrived in Australia. He visited two local banks. Bank A offers 7.20% per annum compounded quarterly if he can deposit $100,000 for three years. Bank B offers 6% per annum compounded monthly if he can deposit $9000 each month for four years. Which bank provides a more attractive investment? b. [4 marks] Warren is interested in buying a car advertised for $48890. He has an account with an interest rate 10% compounding monthly, how much he has to save into that account every month if he wants to purchase this car in 3 years? (5 marks] A dancer deposited $78,000 in an account paying 5% compounding fortnightly before entering a dance training centre. She is expecting the money can last for 1.5 years. How much could she withdraw out of the account each fortnight? d. (13 marks) Dave take out a $90,000 loan over six years to fund house renovations. The bank will charge him 6% p.a. interest. Calculate the minimum repayments if interest is charged and repayments are made quarterly? (4 marks) ii. Use EXCEL to set up an Amortisation Schedule for the loan. (7 marks) i. EXCEL Instructions: Refer to your amortisation notes from Week 3 and the corresponding EXCEL spreadsheet available on the course website, which you can modify to help you create the amortisation schedule for this question. Be sure to add your initials to all column names. You need to use formulas, do not simply type in values. Therefore you need to show the formulas in your spreadsheet in this form B4=B3*$C$1. Failure to meet this requirement will result in a penalty (marks deduction). Hint: When you prepare the amortisation schedule, do not round the repayment to the nearest cent. Otherwise, the Outstanding Balance may not balance to 0 at the end of the term. You should use the 'format cells' in EXCEL to change the appearance of a number without changing the number itself. iii. Calculate the total interest and the total amount paid over the life of the loan. (2 marks)