Calculate their credit payments to income ratio

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

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