Q1: Sean and Lilly are looking to purchase their first home together in Montral and were thrilled when they heard that their offer of $295,000 was accepted. It was only when they calculated some other amounts that were needed that panic set in. As they only have 5% as a down payment, they are required to purchase mortgage loan insurance from the Canada Mortgage and Housing Corporation (CMHC) at 4% of the mortgage. In addition, they need to pay Transfer Duties (also called "Welcome Tax"). As they barely scrapped enough money for the down payment, they do no know how they will come up with these amounts.How much is the total needed to cover their transfer duties under the city of Montral and CMHC mortgage loan insurance? (Note they have decided to pay the loan insurance as a lump sum versus adding it to their mortgage payments).