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Tracey would like to purchase a condo worth $450,000 with condo
fees (including utilities) of $400/mo.,

annual taxes of $1,800 and closing costs of $4,500.

She works as a Marketing Coordinator earning $84,000/yr.
gross income (net income $59,000)

Her expenses include rent ($1,500/mo.),

food & clothes ($500/mo.),

cell & intranet ($100/mo.),

gym membership ($50/mo.),

travel/entertainment ($200/mo.,

miscellaneous ($150/mo.) • Assets include: a car ($10,000),

RRSPs ($30,000)

, a savings account ($20,000)

and a recent inheritance of $50,000 •

Liabilities include: a car loan ($150/mo., $2,000 outstanding),
a credit card with a $10,000 limit paid in full monthly. Based on
the information above show your calculations for each of the
following questions:

A) Calculate Tracey’s current monthly cash flow B) In order to
purchase the condo, first, determine 2 down payment options for
Tracey (high ratio & conventional). How much would the down
payment be for each option and where would Tracey get the money
from? C) Calculate Tracey’s monthly mortgage payment if she had a
conventional mortgage on her new condo and selected a 5-year term
at a fixed rate of 3.85%, with a 25 year amortization D) Calculate
Tracey’s Gross Debt Service Ratio if she owned the condo E)
Calculate Tracey’s Total Debt Service Ratio if she owned the condo
F) If Tracey had a good credit score do you think she would be
approved for this mortgage? Why?


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