Question: Hi! Please answer all questions correctly and I will make sure to give like. Thank you QUESTION 1 (24 marks) (a) Mobius decides to buy

Hi! Please answer all questions correctly and I will make sure to give like. Thank you

Hi! Please answer all questions correctly and I will make sure to

QUESTION 1 (24 marks) (a) Mobius decides to buy an apartment that costs $9,000,000. He can afford to make a 40% down payment and the rest will be financed by a 20-year (monthly) mortgage. The interest charged by the bank on the loan is 6%, compounded monthly. (i) Calculate the size of Mobius' month-end mortgage payment? (4 marks) (5 marks) (ii) What is the outstanding loan balance after the 80th loan repayment? (iii) What is the size of the interest payment in the 81st loan repayment? (iv) What is the size of the principal repaid in the 81st loan repayment? (2 marks) (2 marks)

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