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3. Suppose that your family borrows a 30-year mortgage from Hang Seng Bank to buy an apart- ment, for the amount of $7m with the

3. Suppose that your family borrows a 30-year mortgage from Hang Seng Bank to buy an apart-

ment, for the amount of $7m with the mortgage rate 3.25%.

(a) (4) What should be the amount of monthly mortgage repayment?

(b) (4) Suppose that exactly five years later, your family will sell the apartment and thus

pay off the mortgage. How much will be payment?

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