Given the above excel data, answer the following:

1) Determine outstanding principal balance on mortgage loan at the end of year 6.

2) Determine the net future gain or loss (after 6 years) if the condominium price remains unchanged.

Purchase Price $ 600,000.00 Loan Required $ 480,000.00Local Deed Transfer Tax 20.00% 1.50% 1.50% Down Payment Annual Rate Effective Rate Nominal Rate Monthly Rate # of Periods 4.00% 4.04% 3.97% 0.33% 300 Provincial Deed Transfer Tax Closing Costs $ 2,000.00 (A) Monthly Payment = ($2,524.90) Opportunity Costs Down Payment $ 120,000.00 Local Deed Transfer Tax $ 9,000.00 Provincial Deed Transfer Tax $ 9,000.00 Closing Costs$ 2,000.00 Amount of Investment $140,000.00 (B) Monthly Interest (Opp. Cost)462.82 Intial Cost Monthly Comparison We advise rent overbuy because to recover the cost S23,929.90 $ 3,000.00 $ S20,929.90 $3,929.90 of purchasing the condo, the property value would have to appreciate astronomicaly Rent Buy-Rent 3,000.00 $929.90 Purchase Price $ 600,000.00 Loan Required $ 480,000.00Local Deed Transfer Tax 20.00% 1.50% 1.50% Down Payment Annual Rate Effective Rate Nominal Rate Monthly Rate # of Periods 4.00% 4.04% 3.97% 0.33% 300 Provincial Deed Transfer Tax Closing Costs $ 2,000.00 (A) Monthly Payment = ($2,524.90) Opportunity Costs Down Payment $ 120,000.00 Local Deed Transfer Tax $ 9,000.00 Provincial Deed Transfer Tax $ 9,000.00 Closing Costs$ 2,000.00 Amount of Investment $140,000.00 (B) Monthly Interest (Opp. Cost)462.82 Intial Cost Monthly Comparison We advise rent overbuy because to recover the cost S23,929.90 $ 3,000.00 $ S20,929.90 $3,929.90 of purchasing the condo, the property value would have to appreciate astronomicaly Rent Buy-Rent 3,000.00 $929.90