Purchase price: $$749,000$Strata maintenance fee $($monthly$)$: $$482$Property tax $($monthly$)$: $$150($approximate$)$Heat $($monthly$)$: $$50$Repair and general maintenance $($monthly$)$: $$50$Assume those monthly fees do not change over next $5$ years.Down payment at $20\%$ of purchase price. Obtain a mortgage the rest of $80\%.$Legal fee $($One time when buy and sell$)$: $$1,500.$Inspection fee $($One time when buy$)$: $$400.$Property transfer tax $($One time when buy$)$: $$12,980.$Mortgage:$5-$year fixed mortgage rate: $5\mathrm{.}30\%$ with $25$ years amortization with monthly paymentsGDS$/$TDS Ratios: $39\%/44\%$Selling cost:Realtor fees $($One time when sell$)$: Assume it would cost $3\mathrm{.}25\%$ of selling price.Rent:Monthly rental: $$3,600$ comparable unit.Assume rent increases $3\%$ yearly over $5$ years.You are helping your friend who recently secured a job offer in the city of Vancouver. You friend approached you to help with the analysis to decide whether to buy or rent an apartment condo in downtown Vancouver. Your friend plans to sell the condo after $5$ years if the condo is bought. You will be reviewing the financial details in the attached document in performing your analysis.You can assume the following scenarios:$1.$ Price of condo remains unchanged after $5$ years$\mathrm{.}2.$ Price of condo increases by $10\%$ after $5$ years$\mathrm{.}3.$ Price of condo decreases by $5\%$ after $5$ years.Using the Time Value of Money concept we have discussed so far in class, you can prepare the followings:$1.$ Calculation of monthly mortgage payment$\mathrm{.}2.$ Calculation of principal outstanding on mortgage after $5$ years$\mathrm{.}3.$ What is the annual household income required to qualify for the required mortgage? You may want to research on Canadian mortgage stress test. Assume that your friend does not have any credit card debt, vehicle loan liability or other loans$\mathrm{.}4.$ What would be your recommendation to your friend $-$ to rent or to buy? In your analysis, you will need to consider $3$ possible condo price scenarios, factoring in qualitative consideration.