Your buying clients have asked you to show them a property that has a listing price of $ 525,000. Clients have already met their mortgage broker and are telling you the following:  Depending on their income, they could get a maximum mortgage loan of $ 425,000. (Canadian mortgage so general annuity is used)  They have accumulated for five (5) years a down payment in an investment by making monthly installments of $ 1,600 at the nominal rate of five percent (5%) capitalized monthly. 

1. Determine the accumulated down payment.

2. Show that the clients can purchase/afford the property using the down payment and the mortgage.

3. A promise to purchase is entered in the amount of $ 515,000 with a down payment of $ 103,000 and a mortgage loan of $ 410,000. The information regarding the mortgage loan is as follows: Amortization period: 20 years Term: 4 years Payment: monthly Nominal interest rate: 4.5% a) Calculate the monthly mortgage payment, the total interest payable until term, and the total interest over the period of the loan.

b)Calculate the interest repaid during the third year.

c) Calculate the principal repaid in the 240th month.