what would be the answer if part a was as follows:

Home Price$-$$$529,000[1]$

Minimum down payment required by the loan provider.$-20\%[2]$

Down payment amount$-$$$105,800$

Loan amount$-$$$423,200$

Closing cost$-$$$8,464[3]$

Loan interest rate$-5\mathrm{.}09\%$ compounded monthly $[4]$

Length of loan term$-10$ years $[4]$

Property taxes$-$$$5290$ per year $[5]$

Homeowners Insurance$-$$$780$ per year $[6]$

Mortgage Insurance$-0($Down payment of $20\%)$

The home considered for this case study is a home listed in Bay South at a price of $$529,000[1].$ This is a reasonably priced home with three bedrooms and three baths and is an excellent example of a home for a first$-$time homeowner $[1].$ The minimum down payment of this home was estimated as a percentage. On average, the normal down payment of a home is twenty percent of the purchase price in Newfoundland; therefore, this was the down payment percentage used $[2].$ Calculation of the down payment amount was done by simply multiplying the down payment percentage by the home price giving a value of $$105,800.$ The loan amount for this home is $\%423,200$ and was calculated by subtracting the down payment amount from the home price $.$

The next step was to find the closing cost of the purchase of the home. Research shows that the closing costs of a home in Newfoundland is approximately two percent of the loan amount $[3].$ This gave the closing costs of $$8,464.$ In Newfoundland for the year $2024,$ a $10$ year fixed interest rate of $5\mathrm{.}09\%$ compounded monthly with an amortization period of $25$ years is common $[4].$ Therefore this was the rate and term used for this case study. For a rural community such as that of Conception Bay South, property taxes per year are approximately $1\%$ of the home purchase price $[5].$ Therefore the cost of property tax for this home can be found by multiplying the purchase price by $1\%,$ making a yearly property tax payment of $$52290.$ An approximation of homeowners insurance in Newfoundland is $$780$ per year $[6].$ If a homeowner makes a down payment of at least $20\%$ of the home purchase price, they do not need to pay mortgage insurance therefore in this case mortgage insurance will not be considered $[$NEED A SOURCE FOR THIS$]..$

On the date of purchase of the home, the homeowner needs to make a payment. The amount of money needed on day of purchase $($MDP$),$ can be found by adding the down payment amount and the closing costs. In this instance this returned a MDP value of $$114,264$ to be payed on the purchase day. Another important cost associated with purchasing a home is the monthly payment $($MP$).$ This MP is a sum of the monthly Property tax, monthly homeowners insurance, and monthly loan payment. Monthly property tax and homeowners insurance was found by dividing the yearly rates by $12,$ returning payments of $$440\mathrm{.}83$ and $$65$ respectively. The monthly loan payment was found by multiplying the loan amount by the capital recovery factor $($A$/$P$,$ i$,$ N$).$ Finding the monthly interest rate to be $0\mathrm{.}42\%$ and number of payments to be $300,$ the Monthly loan payment was found to be $$2,483\mathrm{.}68.$ Summing these monthly payments together gave a MP of $$2,989\mathrm{.}68$ to own this home.