Question: ( nite: please show the hand written steps) Problem 2 Derek just bought a house listed at $350,000, and he made a down payment of

(nite: please show the hand written steps)

Problem 2 Derek just bought a house listed at $350,000, and he made a down payment of $70,000. The purchase is financed with a mortgage from the Bank of Montreal with a quoted rate of 5%. This mortgage has a 25-year amortization life. a. What is the monthly payment? b. What is the total interest expense? c. Would the payments on a similar mortgage (i.e. same posted interest rate, term and dollar amount) offered by a bank in the United States be higher or lower? Why

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