In this question, give all answers correct to 2 decimal places. Raul and Rosy want to buy a new house and they need a loan of 170000 Australian dollars (AUD) from a bank. The loan is for 30 years and the annual interest rate for the loan is 3.8%, compounded monthly. They will pay the loan in fixed monthly instalments at the end of each month.

$N=360$ $I\%=3.8$ $PV=(\pm) 170000$ $FV=0$ $P/Y=12$ $C/Y=12$ (M1)(A1) Note: Award (M1) for an attempt to use a financial app in their technology with at least two entries seen, award $\boldsymbol{A1}$ for all entries correct. Accept a positive or negative value for $PV$. $(PMT=) 792.13$ AUD A1 Note: Accept an answer of -792.13. Do not award final $\boldsymbol{A1}$ if answer is not given correct to 2 dp

$N=120$ $I\%=3.8$ $PV=(\pm) 170000$ $PMT=(\mp) 792.13$ $P/Y=12$ $C/Y=12$ (M1)(A1) Note: Award (M1) for an attempt to use a financial app in their technology with at least two entries seen, award $\boldsymbol{A1}$ for all entries correct. $PV$ and $PMT$ must have opposite signs. $(FV=) 133019.94$ AUD Note: Do not award final $\boldsymbol{A1}$ if answer is not given correct to 2 dp , unless already penalized in part (a). Accept 133020.30 from use of exact value for PMT.

amount of money paid: $120 \times 792.13(=95055.60)$ (M1) loan paid off: $170000-133019.94(=36980.06)$ interest paid: $(95055.60-36980.06=) 58075.54$ AUD Note: Allow 58075.60 or 58075.90 from use of some exact values from parts (a) and (b)(i). If their answer to part (b)(i) is greater than 170000 then award at most (M1)(M1)(AO) for follow through in part (b)(ii).