7. Gerald and Pat are buying a condominium for a selling price of $195 000. They are deciding between making a down payment of 10% and a down payment of 20%. Which is NOT a reason that Gerald and Pat might choose the larger down payment? [1 mark] A. Their monthly payments on their mortgage may be smaller. They may be able to pay their mortgage off faster. B. They would like to have more money available for moving expenses. The interest they will pay on their mortgage may be smaller. C. D. 8. A. When a house is purchased, there are a number of extra costs to pay. These costs are usually given as a percent of the selling price. Land-transfer tax: 1.0% Mortgage loan insurance premium: 2.7% Legal fees: 1.1% Building inspection: 0.17% Determine the total of these costs for a house with selling price $155 000. [1 mark] B. $14 300 C. $10 164 D. $12 584 $7704