A6) Mohammed and his wife have applied for a $350,000 mortgage to be amortized over 25 years at afixed rate of 2.8% and a term of 5 years. Payments will be monthly. The Bank of Canada benchmark5-year fixed insured mortgage rate is 5.25%. The couple expect monthly heating and property taxeswill amount to $325. Their gross combined monthly income is $12,000. What is their Gross DebtService (GDS) ratio?A16.22%B 19.34%20.09%D 22.74%

GDS ratio that total payment of mortgage and other related housing expenses to the monthly income…

ed and his wife have applied for a $350,000 mortgage to be amortized over of 2.8% and a term of 5 years. Payments will be monthly. The Bank of Can ed insured mortgage rate is 5.25%. The couple expect monthly heating and nt to $325. Their gross combined monthly income is $12,000. What is thei SDS) ratio?

ed and his wife have applied for a $350,000 mortgage to be amortized over of 2.8% and a term of 5 years. Payments will be monthly. The Bank of Can ed insured mortgage rate is 5.25%. The couple expect monthly heating and nt to $325. Their gross combined monthly income is $12,000. What is thei SDS) ratio?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 64IIP

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