Detailed answers needed for complex homework question which I'm struggling to answer. Writable working out with calculations are expected and would be greatly appreciated! Thanks for your help :) This is the question at hand:

Peter wants to buy a property. He will use a $450,000 loan from ANZ bank for this. This loan entails the following:

Repayments every two weeks (fortnight repayments), the first payment starting two weeks from today (Assuming there are precisely 26 fortnightly periods in each year we measure).

Using level repayments, this will be repaid over a 30 year period.

The interest Peter has been given is 5% p.a. compounding half-yearly.

Answer the upcoming questions with the given information:

a) (1 mark) What is Peter's effective fortnightly rate for this loan plan? (Use a percentage rounded to four decimals)

b) (2 marks) Write out a cash flow diagram for Peters loan with the information provided. Use this to find out the exact size of Peter's level repayment.

However, ANZ bank offered a second loan repayment plan. In this alternative plan, for the first 2 years of the loan, Peter is required to make interest-only repayments , with level principal-and-interest payments for the remaining 28 years following this. Every detail besides this, with regards to the first repayment plan, remain the same.

c) (1 mark) Write out another cash flow diagram for Peters second loan repayment plan.

d) (2 marks) Find out how much a SINGLE interest-only payment for the first two years will cost, and then calculate how much a SINGLE principal-and-interest repayment will cost for Peter, which he will have to pay for the remaining 28 years.

e) Even though this newly proposed plan from ANZ charges more interest overall, why might Peter opt for this second loan plan instead of the first loan plan? (Written answer)