The purpose of the assignment is to apply the material in the course. You may need to do your own research to answer some of the questions. You are a financial planner with a specialty in tax and credit. You began your career working for a bank and are now a self-employed financial planner. Last week, a couple walked into your office looking for advice. Martin and Adele, bought a home in Oakville, Ontario, 5-years ago. At the end of the month, July 31, 2023, their mortgage will be up for renewal. They are not sure what is going to happen to interest rate, given the current economic situation, and they want to lock in a 4-year or 5-year fixed rate. Martin's annual income this year (2023) is expected to be $96,000 a year and Adele's annual income is expected to be $81,000 a year. One of the financial institutions you represent is currently offering clients fixed rate mortgages. The current rates for a fixed mortgage are: 6.3% for a 4-year closed term and 6.5% for a 5-year closed term. Martin and Adele provide you with the following information about their home and mortgage: Purchase price of their home: $1,00,000.00 Market value of their home: $1,600,000.00 Original Mortgage: $750,000.00 Mortgage amortization: 25 years Mortgage term: 5-years, fixed rate compounding semi-annually Mortgage Rate: 2.75% Payment Schedule: Monthly . Using the above information above, answer the following questions: 1. What is the balance outstanding on Martin and Adele's mortga at the end of the 5-year term (balance as of Jul. 31, 2023)? Show all calculations for full marks (10 marks). 2. If Martin and Adele select the 4-year term, what is the balance outstanding at the end of the 4-year term? (5 marks) 3. If Martin and Adele select the 5-year term, what will their monthly payments be? (5 marks) 4. Assuming they take the 5-year mortgage rate, how much interest will they have paid over the 10- year period? (5 marks). 5. How much money will Martin have to pay towards Federal and Provincial Taxes in 2023? Assume no tax credits (5 marks). 6. How much money will Adele have to pay towards Federal and Provincial Taxes in 2023? Assume no tax credits (5 marks).