Calculate their credit payments to income ratio

Assignment Help Finance Basics

Reference no: EM133715781

Question: The Wilsons are looking to borrow to purchase a car and provided their lender with the following information: Bank account (joint) 12,000 Mortgage balance 180,000 Car (resale value) 18,000 Mortgage payment (monthly) 1,100 Computer and electronics (resale value) 2,500 Net monthly household income 6,500 Condo (market value) 298,000 Car loan (applied for) 7,200 Personal loan 6,500 Car loan payments (monthly, if approved) 600 Mutual funds, non-registered 4,500 Property taxes (monthly) 150 Gross monthly household income 9,000 RRSPs 62,000 Condo (price paid when purchased) 200,000 Student loan 6,400 Personal loan payment 120 Student loan payment (monthly) 400 Heating (monthly) 200 TFSAs 39,000

1. Calculate their TDS and GDS. Are they a good credit risk?

2. Calculate their credit payments to income ratio. Are they a good credit risk? 3. Lastly, build their personal balance sheet in good form (include the car)

Reference no: EM133715781

Questions Cloud

What are the culturally sensitive protocols : What are the culturally sensitive protocols and principles in the assessment and treatment of Post partum depression in Aboriginal.

Should the project be accepted or rejected : Calculate the net present value (NPV) of this project. Should the project be accepted or rejected - Given your answer to Part (a), and without doing

Explain cooleys theory of socialization : Explain Cooley's theory of "socialization" using his concept of the "looking glass self." Your argument must be based upon the assigned Cooley reading.

Medical school graduate wants to practice medicine : A medical school graduate wants to practice medicine in Utah. Before she can practice medicine, she has to pass an examination to test her knowledge

Calculate their credit payments to income ratio : Calculate their credit payments to income ratio. Are they a good credit risk? 3. Lastly, build their personal balance sheet in good form (include the car)

The implicit rules of emergency department : What appears to be the implicit rules of the emergency department of this organization? In what ways are you like Mark? In what ways are you different?

Examining the police interrogation of juveniles : What are the findings of the article examining the "Police Interrogation of Juveniles: An Empirical Study of Policy and Practice?"

Calculate the monthly payment amount : You have recently taken out a loan of $338,000 with an Annual Percentage Rate (APR) of 6.3%. The loan term is 10 years, with fixed monthly payments.

Which crime data tool might work best for in gwinnett : Which crime data tool might work best for in Gwinnett? Explain your answer.

User Account

All Pages