Section 2. Question 11. Alan bought two-bedrooms condo on 1 Jan 2019. To buy his condo, he used his savings to pay for the down payment at 20% of purchase amount, and he received a mortgage for the remaining amount from his bank. The following details are available: Purchase price: 680,000 CAD Mortgage interest rate: 2.70% compounded semi-annually (Contract: 25-year mortgage amortization with fixed rate for 5 years with same monthly mortgage payment) Alan is planning to sell his condo on 1 Jan 2021, and Alan had made only monthly payments. 1. What is the total mortgage payment Alan would have made from 1 Jan 2019 to 1 Jan 2021? 2. What would be the mortgage balance Alan owes to his bank as of 1 Jan 2021? 3. Alan can sell his condo on 1 Jan 2021 for 750,000 CAD, and his bank will charge him mortgage penalty of 25,000 CAD, and he will need closing cost of 20,000 CAD to sell his condo. How much will Alan make or lose from his condo sale