b) The following hypothetical exchange rates are available: $1.6 / 100/$ 160/ The hypothetical inflation rates in these countries are 20%, 15% and 10% per year for the U.S, Britain and Japan respectively. You are required to: i) ii) State the current exchange rates in terms of /$, $ / and / Compute the likely exchange rates for the three currency pairs for the next year (1.5 + 1.5 = 3 marks) c) Consider a 30-year, fixed rate mortgage loan at a nominal rate of 11% with a monthly installment of $1,500. If the purchase price of the property is $250,000, what is the percentage down payment required by the borrower