The Archibalds are eligible for Canada Mortgage and Housing Corporation's Mortgage Loan Insurance. Consequently, their limits are 95% for the loan-to-value ratio, 32% for the GDS ratio, and 40% for the TDS ratio. Rounded to the nearest $100, what is the maximum 5- 25-year mortgage loan for which they can qualify if their gross monthly income is $5000 and their payments on personal debt amount to $600 per month? Assume monthly heating costs of $150 and property taxes of $200 per month. Current mortgage rates are 6.6% compounded semi-annually. * O $155,300 O $345,400 O $215,900 O All of the answer choices are wrong.

The Archibalds are eligible for Canada Mortgage and Housing Corporation's Mortgage Loan Insurance. Consequently, their limits are 95% for the loan-to-value ratio, 32% for the GDS ratio, and 40% for the TDS ratio. Rounded to the nearest $100, what is the maximum 5- 25-year mortgage loan for which they can qualify if their gross monthly income is $5000 and their payments on personal debt amount to $600 per month? Assume monthly heating costs of $150 and property taxes of $200 per month. Current mortgage rates are 6.6% compounded semi-annually. * O $155,300 O $345,400 O $215,900 O All of the answer choices are wrong.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 24PROB

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