Drake is looking to purchase a 10 million dollar mansion using the Citizens Bank of Toronto (CBT) as his lender, as the CBT advertises a competitive APR of 13% compounded monthly for a 20- year fixed-rate home mortgage. For CBT to provide Drake with the 10 million dollars today, CBT requires a down payment of at least 5%; otherwise private mortgage insurance at a cost of $1000 must be included in the recurring monthly payment. Neglecting property taxes, home owner's association fees, and other misc. disbursements... a) What is the monthly recurring payment if Drake supplies a 5% down payment? b) If Drake supplies a 3% down payment, what is the future worth of all the disbursements at the end of year 20? Assume that the monthly recurring mortgage payment calculated from (a) is consistent regardless of the down payment amount. c) Alternatively, Drake can deposit the 3% down payment amount in a mutual fund that accumulates interest at 2.5% per month, compounded semiannually. If the resell value of the house in 20 years is equal to the value determined in (b), is Drake's money better spent investing in the Toronto mansion or the aforementioned mutual fund? Drake is looking to purchase a 10 million dollar mansion using the Citizens Bank of Toronto (CBT) as his lender, as the CBT advertises a competitive APR of 13% compounded monthly for a 20- year fixed-rate home mortgage. For CBT to provide Drake with the 10 million dollars today, CBT requires a down payment of at least 5%; otherwise private mortgage insurance at a cost of $1000 must be included in the recurring monthly payment. Neglecting property taxes, home owner's association fees, and other misc. disbursements... a) What is the monthly recurring payment if Drake supplies a 5% down payment? b) If Drake supplies a 3% down payment, what is the future worth of all the disbursements at the end of year 20? Assume that the monthly recurring mortgage payment calculated from (a) is consistent regardless of the down payment amount. c) Alternatively, Drake can deposit the 3% down payment amount in a mutual fund that accumulates interest at 2.5% per month, compounded semiannually. If the resell value of the house in 20 years is equal to the value determined in (b), is Drake's money better spent investing in the Toronto mansion or the aforementioned mutual fund