B1. You have a line of credit loan with the Bank of Montreal. The initial loan balance was $7000.00. Payments of $3000.00 and $2500.00 were made after four months and ten months respectively. At the end of one year, you borrowed an additional $4250.00. Seven months later, the line of credit loan was converted into a collateral mortgage loan. The line of credit interest was 8.52% compounded monthly. To repay the loan you discounted your 11-year $8000.00 promissory note, with interest at 8.4% compounded monthly, at 6.5% compounded semi-annually and you got proceeds of $14 631.15. (a) How much is mortgage loan? (b) How many months before the due date you discounted the promissory note? Open ended question: Would you be able to repay the loan by discounting the promissory note? If yes, how much amount you will be left with? B1. You have a line of credit loan with the Bank of Montreal. The initial loan balance was $7000.00. Payments of $3000.00 and $2500.00 were made after four months and ten months respectively. At the end of one year, you borrowed an additional $4250.00. Seven months later, the line of credit loan was converted into a collateral mortgage loan. The line of credit interest was 8.52% compounded monthly. To repay the loan you discounted your 11-year $8000.00 promissory note, with interest at 8.4% compounded monthly, at 6.5% compounded semi-annually and you got proceeds of $14 631.15. (a) How much is mortgage loan? (b) How many months before the due date you discounted the promissory note? Open ended question: Would you be able to repay the loan by discounting the promissory note? If yes, how much amount you will be left with