A vendor has listed her house for $410,000, which is above the $400,000 market value determined by an appraisal. A purchaser has made an offer on the house of $400,000 with a down payment of $80,000, on the condition that the vendor provide financing for $320,000 at a contract rate of 2.99% per annum, compounded semi-annually (2= 2.99 %), with a 20-year amortization, 4-year term, and monthly payments rounded up to the next higher dollar. The market rate for such mortgage loans is 5.34% per annum, compounded semi-annually (j2 = 5.34%). (a) Calculate the monthly payment and outstanding balance due at the end of the 4-year loan contract. (4 pts) (b) Calculate the market value of the offer. Should the vendor accept this offer? Briefly explain. (5 pts)