Question 7 Mohammed paid $108,500 as a down payment towards an apartment purchase and received a mortgage from a bank for the remaining amount; he is to pay $7,830 at the end of every month for 24 years at an interest rate of 3.13% compounded monthly to repay the mortgage. a) What was the purchase price of the apartment? $ b) What was the total amount Mohammed paid over the 24-year period to repay the mortgage? c) How much interest was charged on the mortgage? $