Question: pls answer both parts with full working out Show your work for full marks 2. John is looking for a mortgage to purchase a house,

pls answer both parts with full working out

Show your work for full marks 2. John is looking for a mortgage to purchase a house, which costs one million dollars. A bank offers him a 20-year Canadian mortgage of $800,000 with monthly payments and an annual interest rate of 3.4% compounded semiannually. (a) (5 points) Find the monthly payment of this mortgage. (b) (5 points) Coincidentally, John owns a bond with a face value of $100,000 that pays semiannual coupons at the same value as John's monthly payment. The interest rate is 3.4% compounded semianmually and the bond matures in 10 years. If John sells his bond today, would he have enough money to cover his $200,000 down payment

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