Save space You are currently renting and interested in purchasing a condominium. The condominium is available for $475,000. You are a first-time homebuyer and qualify for CMHC mortgage insurance that allows a 5% down payment. The bank is offering you a fixed 5-year mortgage rate of 3.25% for a 25-year amortization period. What is the maximum loan amount you qualify for? The mortgage is compounded semi-annually. $451,250 $23,750 O None of the options listed O $237,500 $475,000 You have negotiated the price of a house for $775,000. The bank is willing to advance you a loan worth 80% of the value of the house. The bank is offering you a mortgage rate of 3.6% for a loan amortized over 30 years. How much will you pay in mortgage to the bank in one year? The mortgage is compounded semi-annually $31.712 342143 None of the options listed $42.282 $33,714