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Research the cost of a home of your choice in your area. Research the current interest rate for a five - year fixed rate mortgage.

Research the cost of a home of your choice in your area. Research the current interest rate for a five-year fixed
rate mortgage. (10 marks)
a. What is the price of the home you have chosen?
b. What is the current interest rate for a five-year fixed rate mortgage?
c. Determine the monthly payment with an amortization period of 25 years.
d. Calculate the total principal paid on the mortgage over the 5-year term.
e. Calculate the total interest paid over five years.
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