14. Jordan and Mike are both planning on attending university in Calgary. Jordan's parents rent him a onebedroom apartment for $750 per month. Mike's parents bought a 3-bedroom house for $285000 that required a down payment of 10% and offered a mortgage amortized over 15 years at an annual rate of 4.15% compounded semi-annually for a 5-year term. They rented the other two rooms out for $600 per month. The house depreciated in value by 1.5% a year and the cost of taxes and maintenance averaged $3000 a year. a. How much did Jordan's parents pay in rent over the 5 years? 6n 750(2=7,000peryes5=45000 cis sy"s b. What were the monthly mortgage payments on Mike's parents' house? (use your financial application and fill in the appropriate inputs) N=1%=PY=PMT= FV=10%1 P/Y=C/Y=b. c. How much was left to pay on the mortgage after 5 years? (use your financial application and fill in the appropriate inputs) N=11%=FV= PV=PMT= P/Y=C/Y= c. 2 marks d. How much had the house lost in value [money] over the 5 years? e. Assuming the house was sold at market value after 5 years, how much would Mike's parents receive from the sale? e. 2 marks f. How much did Mike's parents have to subsidize the rent for the 5-year term