Joshua and Jules will be purchasing a condominium which will cost $1,000,000. They are able to put a down payment of $250,000, and can get a 5-year fixed-term mortgage from ABC bank at a rate of 3.10%. The family earns $150,000 p.a., and the expected property taxes are $3,000/year, the expected heating is $1,000/year, and they have other debt obligations of $3,000/year. Required: (a) What is the monthly mortgage payment amount assuming a 25 year amortization period? (5 marks) (b) Calculate whether they will qualify for the mortgage based on the GDS rule. Use GDS ratio of 32% as criteria. (5 marks) (c) Calculate whether they will qualify for the mortgage under the stress test assuming the Bank of Canada rate is 5.25%. (5 marks) (d) Assume they do qualify: how much principal did they repay and how much interest did they pay in the first 5 years? (5 marks) (e) If they were to sell the condominium after 5 years, what would the net proceeds be? Assume the condominium was their principal residence, the value increased by 2% annually, and all costs associated with the sale are $12,000. (5 marks) (f) If they decided not to sell the property but renew their mortgage at the rate of 4%, what is the new monthly payment amount