The Schneblae family can purchase a home for $215,000 or rent it for $1350.00 per month. They have $40,000 for a down payment if they buy, or $40,000 to invest if they rent. Assume that rental payments are $1350.00 per month, and increase by 2.5% each year they can earn 5% interest per year on money they invest if they make a loan, the mortgage will be for 20 years at 6.5% owner's equity after 6 years will be $46,961.22 the house is expected to appreciate at 3% per year property taxes are $3065 per year, and are expected to increase at 3% per year house insurance is $595 per year, and increases by 2.8% annually maintenance is estimated at 1% per year, based on the value of the house at the beginning of each year a) Complete Row 6 of the spreadsheet that shows the total rent paid in 6 years. (3 marks) 1 123456 1 496AWNH 2 3 4 5 A Year Z 8 1 2 3 45 5 b) Complete Row 8 of the spreadsheet that shows the value of the investment ($40,000) after 6 years. How much did the investment earn? (2 marks) A Year 1 2 3 B Monthly Rent $1,350.00 $1,383.75 $1,418.34 $1,453.80 $1,490.15 4 B Annual $40,000.00 $42,000.00 $44,100.00 C Annual Rent $46,305.00 $48,620.25 $51,051.26 $16,200.00 $16,605.00 $17,020.13 $17,445.63 $17,881.77 Earned D Annual Total $2,000.00 $4,100.00 $6,305.00 $8,620.25 $11,051.26 $16,200.00 $32,805.00 $49,825.13 $67,270.75 $85,152.52 c) Calculate the net rental charge after 6 years. Use the formula: Net rental cost = rental payments - investment earnings (2 marks) d) Calculate the total cost of mortgage payments after 6 years. (4 marks)