I have absolutely no idea how to attempt this question at all ):
A bank lends money to its customers on mortgage repayable by equal fortnightly instalments using a quoted interest rate of 5.5% per annum. The outstanding balance is initially the amount of the loan and the balance is reduced by any instalments received. At the end of each month simple interest is charged based on the average daily balance for the month and the number of days in the month. The bank rounds all interest charges up to the next fifty cents. Thank you for your time and help!
Estimate the fortnightly instalment required to extinguish this loan on the 24th of June 2024 making adjustments to allow for months of different length, the fifty cent interest rounding adjustment, and leap years; explain and justify the adjustments you make.