4. Sam a first-time homebuyer is looking to buy a house. They liked a house on Prince Rupert Avenue. Sam put an offer of $ 260,000 and it got accepted pending bank approval. She went to RBC and NSCU. Each offered the following terms.

i. RBC requires 5% minimum down payment. Sam would also have to pay mortgage insurance to CMHC for $ 15,600. The rest would be financed at 4% compounded quarterly for 25 years. If the payment is due at the start of each month, how much monthly payment would Sam make?

ii. NSCU requires 20% down payment. The rest would be financed at 4.2% compounded semi-annually for 20 years. If the payment is due at the end of each month, how much monthly payment would Sam make?