You purchased a condo in Vancouver recently and made a down payment of 20% of the purchase price. The remaining amount was borrowed from TD Bank with 25 years of amortization with 5 years fixed rate term. And your monthly mortgage payment is $3,800 and interest is compounded at 6% semi- annually. (a) At the time of purchase, another unit nearby with the same floor plan and size, was sold for $760,000. Did you get a better deal with your condo purchase? O (b) Your friend stated that you should get your required mortgage from any lender with the lowest monthly payment. Do you agree with your friend's statement? Please explain.

You purchased a condo in Vancouver recently and made a down payment of 20% of the purchase price. The remaining amount was borrowed from TD Bank with 25 years of amortization with 5 years flxed rate term. And your monthly mortgage payment is $3,800 and interest is compounded at 6% semlannually, (a) At the time of purchase, another unit nearby with the same floor plan and size, was sold for $760,000. Did you get a better deal with your condo purchase? (b) Your friend stated that you should get your required mortgage from any lende with the lowest monthly payment. Do you agree with your friend's statement