(5 marks) You are in the market for a home. You saved up $285,000 for a down payment that will go towards your home purchase. You meet with the bank and the bank offers you a 25-year mortgage at 5.95% p.a., compounded semiannually. Monthly payments will be $5,750.85 at the beginning of the month. 1. (3 marks) What is the maximum price you can afford for a home if you get the mortgage? [Hint: Home Price = Down Payment + Mortgage Loan] 2. (1 mark) For your 180th mortgage payment, what is the principal repayment portion of this payment? 3. (1 mark) Suppose you win the lottery in exactly 7 years after you open your mortgage. You would like to pay back the mortgage loan in a lump-sum payment. How much will you need to repay in 7 years time, assuming there are no penalty fees? [Hint: what's the outstanding balance in 7 years?] a