06 Jun ASSIGNMENT VERSION # 5Assume that your group repre
ASSIGNMENT VERSION # 5Assume that your group represents the Credit Manager of a North Vancouver CreditUnion and that Mr. Wayne Gretski, on his way through Vancouver to the 2022 Olympics,has asked that you analyze the history of his previous and current mortgage transactions.a) Exactly 10 years ago, Mr. Wayne Gretski purchased a beautiful condo at Whistler for775,000 and made a down payment of $335,000. The balance was mortgaged at theCanada Bank at 6.25% compounded semi-annually with monthly payments over 25years. The interest rate was fixed for a 5 year term, and lump sum payments wereallowed at the end of each 5 years without penalty.i) Calculate the monthly payment for the first 5 years. ROUND UP TO THE NEXTCENT.ii) Construct an amortization schedule for the first 60 months. (A scheduleshowing only the first 3 months, and months 57 to 60 inclusive, with 60 monthtotals is also required.)iii) Calculate the principal outstanding at the end of the first 5 years.iv) What percentage of the first five years total monthly payments went toreduction of the debt, and what percentage went to interest?v) What percentage of the debt has been paid off by the first five years ofpayments?) Exactly five years ago, Wayne made a lump-sum payment of $160,000 (in addition tothe regular payment), and the interest rate was also changed to 5.45% compoundedsemi-annually.i) Calculate the amount being refinanced.ii) Calculate the monthly payment for the second 5 year period. ROUND UP TOTHE NEXT DOLLAR.iii) How much total interest did Wayne pay in the past two years?c) Wayne’s mortgage has just come up for further renewal. He has decided to takeadvantage of your relatively low rates and wishes to investigate tranferring it to yourNorth Vancouver Credit Union branch that charges 5.10% compounded monthly,payable over 15 years.i) Calculate the size of the principal balance being refinanced.ii) Calculate the size of the new monthly payment.iii) Wayne seems amazed that he has only repaid a small fraction of his originalloan. You will draw a large scale, fully labelled graph that visually explains toWayne how the loan has been amortized over the past ten (10) years. You areonly expected to plot the annual balances owing.This assignment is due Thursday, May 21. Late assignments will bepenalized 50% per day (or part thereof). Please keep a duplicate ofyour submission.
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