(a) Describe the characteristics of property market. (4 marks) (b) Briefly discuss the strengths and weaknesses of property market as an (8 marks) investment tool as compared with other common investment vehicles such as fixed deposits, shares or bonds. (c) Suppose you purchase a town house for $4,000,000. You are able to make a down payment of 30 percent i.e. $1,200,000, and you are able to obtain mortgage loan of 70% of the property value for 20 years at an annual rate of interest at 6%. (i) Calculate the monthly payment for this mortgage. (9 marks) (ii) Calculate the total interest paid in normal value for this (4 marks) mortgage loan