BUYING A HOUSE

You are also looking at a $$275500$ house. In addition, there will be a land$-$transfer tax of $1\%.$ There is also a CMHC insurance fee of $2\mathrm{.}25\%.$ You will need to make a $15\%$ down porment which will reduce the total cost of the house after all the other fees have been odded.

$7.$ Calculate the CMHC fee.

$8.$ Calculate the land$-$transfer tax.

$9.$ Calculate the required down payment.

$10.$ Calculate the mortgage amount $($the amount of money you need to borrow from the bank$).$

$11.$ You will be making monthly payments on a $25$ year loan at $3\mathrm{.}5\%$ for the mortgage amount.

a$.$ What amount will you pay each month?

b$.$ What is the total amount you will pay for the house over the $25$ years?