Mathematics 11 Financial Literacy 8: Send-in Assignment 14. Jordan and Mike are both planning on attending university in Calgary Jordan's parents rent him a one bedroom apartment for $750 per month. Mike's parents bought a 3 bedroom house for $285000 that required a down payment of 10% and offered a mortgage amortized over 20 years at an annual rate of 4.15% compounded semi-annually for a year term. They rented the other two rooms out for $600 per month. The house depreciated in value by 1.5% a year and the cost of taxes and maintenance averaged 53000 a year a How much did Jordan's parents pay in rent over the 5 years? $750*22-9000/year 9000 x 544500D $45 000 1 mark b. What were the monthly mortgage payments on Mike's parents' house? (use your financial application and fill in the appropriate inputs) N 240 PV --25600 PMT_1566.61 FV cir=2 P/Y = 12 285 COX 0.10 - -28 Soo DP 3200000 Balance b. $1566.81 1 mark c. How much was left to pay on the mortgage after 5 years? (use your financial application and fill in the appropriate inputs) 1% N = PMT= PV = FV = P/Y = c/4 = I mark d. How much had the house lost in value (money] over the 5 years? d. 2 marks 8. Financial Literacy Assignment 2017-11-23 Page 7 of 8 Mathematics 11 Financial Literacy 8: Send In Assignment e. Assuming the house was sold at market value after 5 years, how much would Mike's parents receive from the sale? I mark f. How much did Mike's parents have to subsidize the rent for the 5 year term? 2 marks 2017-11-23 Page 8 of 8 & Financial Literacy Assignmer