Sally and Mary have been looking to buy a place and found their dream apartment in...

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Sally and Mary have been looking to buy a place and found their dream apartment in SouthBank. The apartment is listed as "accepting offers above $400,000". They are planning to put in an offer of $430,000 to make sure they are competitive with other offers. If they have saved 20% of what they offer (to be substracted from the loan amount), the interest rate to borrow is 3.5% p.a. compounded fortnightly, and would take out a 25-year loan, how much would they have to pay every fortnight for the apartment if they bought it? Sally and Mary have been looking to buy a place and found their dream apartment in SouthBank. The apartment is listed as "accepting offers above $400,000". They are planning to put in an offer of $430,000 to make sure they are competitive with other offers. If they have saved 20% of what they offer (to be substracted from the loan amount), the interest rate to borrow is 3.5% p.a. compounded fortnightly, and would take out a 25-year loan, how much would they have to pay every fortnight for the apartment if they bought it?

Answer rating: 100% (QA)

Step 1 Calculate the loan amount after the down payment The down payment is 20 of the offer they mad... View the full answer