Jordan and Mike are both planning on attending university in...

Question

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 that required a down payment of 10% and offered a mortgage amortized over 20 years at an annual rate of 4.15% compounded semi-annually for a 5 year term. They rented the other two rooms our for $600 per month. The house depreciated in value by 1.5% a year and the cost of taxes and maintenance averaged $3000 a year.

a) How much did Jordan's parents pay in rent over the 5 years?
b) what were the monthly mortgage payments on Mike's parents' house? (use your financial application and fill in the appropriate inputs)
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c) how much was left to pay on the mortgage after 5 years? (use your financial application and fill in the appropriate inputs)
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d) how much had the house lost 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?