How much did Jordan parents pay in rent over five years

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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 $285000that 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 out 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?

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

d. How much had the house lost in value 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?

Reference no: EM132875439

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