Question: Question 7 (4 marks) Today is Jan 1. David has just purchased an apartment at a price of S9 million. He made a down payment

Question 7 (4 marks) Today is Jan 1. David has just purchased an apartment at a price of S9 million. He made a down payment of $4 million and financed the remaining balance at 9% with monthly compounding over a 20-year mortgage loan. David wl repay the loan in equal month-end installment over 20 years, with the first payment to be made at the end of the first month. WI (a) Calculate the amount of monthly payment. (b) How much total interest is paid over the life of the mortgage loan? (c) After 10 years of repayments (i.e., immediately after the 120th payment is made), what is the (3 marks) (5 marks) outstanding loan amount of David's mortgage? (6 marks)

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