Jordan and Mike are both planning on attending university in Calgary. Jordan’s parents rent him a one bedroom apartment for $750 per month.

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Jordan and Mike are both planning on attending university in Calgary. Jordan’s parents rent him a

one bedroom apartment for $750 per month. Mike’s parents bought a 3 bedroom house for

$285000 and made a down payment of 10%. The remaining amount was mortgaged over 20 years

at an annual rate of 4.15% compounded semi-annually for a 5 year term. They rented the other two

rooms out for $600 each per month. The house depreciated in value by 1.5% a year and the cost of

taxes and maintenance averaged $3000 a year. Show step by step

c. How much was left to pay on the mortgage after 5 years?

(use your financial application and fill in the appropriate inputs)

N  ________ I%  _________ PV  ________ PMT  __________

FV  ________ P / Y  ________ C / Y  _________

d. How much had the house lose in value [money] over the 5 years?

e. Assuming the house was sold at market value after 5 years, how much would Mike’s parents

receive from the sale?

f. How much did Mike’s parents have to subsidize the rent for the 5 year term?

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