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Question 6: Chetan is purchasing a home for $670,000. RBC has approved his loan application for a 25- year fixed rate loan at 5% annual

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Question 6: Chetan is purchasing a home for $670,000. RBC has approved his loan application for a 25- year fixed rate loan at 5% annual interest. If Chetan pays 10% of the purchase price as down payment, calculate his monthly mortgage payment. If his annual property taxes are $1,560 and his annual homeowner's insurance is $720, calculate the total PITI payment for his loan. [3+1 = 4 Marks)

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