8. A private lender is initiating a mortgage loan using an interest rate of 6.5% per annum, compounded semi-annually, over a 25-year amortization period, calling for monthly payments. A 70%10ant0 value ratio and a 30% gross debt service ratio are used. A lending value of $220,000 has been assigned to the property. The borrower has an annual gross income of $45,000 and property taxes are $1,500 per annum. Given the above information, determine the down payment required if the purchase price is $230,000 and maximum financing is obtained. (1) $80,707 (2) $149,293 (3) $76,000 (4) $154,000 9. Default risk: (1) addresses the general risks of mortgage lending. (2) is concerned with a specific borrower's ability to honour the terms of a proposed mortgage contract. (3) addresses the value of the specific security provided as a component of the contract. (4) is analyzed using the loan-to-value ratio