21. Suppose Xiao Ming decided to stay and doesn't want to rent apartinent anymore. He takes out a $50,000, five year Canadian mortgage at 8.806% from TD bank for covering a part of his payment to buy a condo in NDG area. Assume the mortgage is paid by a single fixed payment at the end of every year. How much from the fourth payment is for the principal? a) $10,000.00 b) $10,803.50 c) $10,819.40 d) $11,793.20 22. After Xiao Ming signed the mortgage contract with TD in the last question, you told him that there is another way to amortize his mortgage from what you learned in your COMM 308 class. Under this method, he pays the interest on his mortgage balance each year, and reduces his mortgage balance each year by $10,000. How much less interest will Xiao Ming pay under the method you are proposing? a) There's no difference between the two methods b) You are fooling Xiao Ming, he will pay more interest under the method you are proposing c) $773.10 d) S740.93