Consider a purchase of a $240 000 house with a down payment of $40 000 and a $200 000 mortgage at j2 = 7%.

a. Determine the monthly payment based on the following repayment periods: 25 years, 20 years, and 15 years.

b. Using a 20-year repayment period, calculate the concluding payment, the total cost of financing, and the interest and principal parts of the first payment.

c. If you can afford to pay up to $2000 a month on the mortgage, what repayment period (in full years) should you request?

d. Compare the total payouts using monthly payments of $2000 with weekly payments of $500