Maths assignment Questions-University of Australia
You have just finished school and moved out of the home to live in a city Ipswich, working in a minimum wage job. In this job you are just able, by being very careful, to pay for your accommodation, food, travel and little else.
When getting your mail at the end of another workday, you find that you’ve been sent a cheque for $14300. Apparently, a wealthy Aunty of yours has died and left you a piece of her estate.
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You decide to invest the money and save for a house deposit.
1. Find the median house price in “Ipswich” – $352,500
2. Research three different financial institutions to determine how much is needed for a home loan deposit. Then, research three different savings accounts to determine what is the current interest rate and any other conditions such as bank fees and minimum deposits. Summarise your findings in a table.
3. Using the three different bank offers provided below, calculate how long it will take to save the minimum required deposit on a median-priced house in “Ipswich”.
After savings a deposit, you will need to research mortgage options, Friends and family have mentioned that you can save money in the long-term if you pay half of your monthly mortgage payments on a fortnightly basis. Using the information gathered for task 2 in Part A
1. Calculate the money saved by paying the mortgage fortnightly as opposed to monthly, for a median-priced house in “Ipswich”. As interest rates and the length of loans differ, you will need to analyze the range of mortgage options. Be sure to consider conditions such as bank fees
2. Analyse and evaluate the significance of savings made by paying the mortgage fortnightly, rather than monthly, for various loan conditions( interest rate, fees, and term)
3. Clearly state and assumptions made in completing Part B. Explain the effect/s of each assumption
4. Investigate and evaluate the strengths and limitations of your mathematical analysis.
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While undertaking your research and developing your mathematical models, you find yourself pondering something your wise maths teachers told you at school: over time, the value of money decreases.
1. Determine the average inflation rate In Australia over the last ten years. Using extrapolation calculate the actual value of the deposit you will need and how long it will take to save this if you borrow from the Straya Bank (see conditions provide in Part A).
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