Reference no: EM132822042
FNCE1125 Introduction to Finance, Northern Alberta Institute of Technology
Instruction
Part 1:
Put the price of the home you chose in this box.
Part 2:
Please enter the dollar amount of a 9.6% down payment.
Part 3:
Please determine the CMHC premium amount based on balance outstanding on a traditional down payment type.
Part 4:
You have decide to use a 15 year amortization for your Mortgage. Use this information to find the Monthly mortgage Payment using the mortgage amount from previous section and a rate of 3.23%. You must also determine the amount of Interest, principal and balance owing for the mortgage after 2 year and 10 months. Input all the TVM variables and answers into the fields below.
Part 5:
Find the Monthly mortgage Payment of stress tested (+2%) on your rate of 3.23% with a 20 year amortization mortgage amount from previous section. You must also determine the amount of Interest, principal and balance owing for the mortgage after 3 year and 10 months. Input all the TVM variables and answers into the fields below.
Part 6:
Please determine the amortization for the following two payment frequencies using the mortgage amount: $
Part 7:
The City of Edmonton has assessed your property at a value of $0 and the mill rate is 8.6869. What are the annual and monthly property tax amounts?
You will be getting possession of the home on may 1st. What will the property tax adjustment be? Who will have to pay?
Part 8:
With your annual income of $149733.65 and the figures you already determined for a stress tested monthly mortgage payment, and property tax of $, calculate Gross Debt Service Ratio. Assume the cost of heating the home will be $319.81. Do you qualify to purposes this home based on GDS Ratio? If not, What is the income that you would require?
If you have consumer debt servicing in the amount of $1498.81 per month. What is the TDS ratio? Do you qualify for the purpose based on this number? If no What is the required to qualify?
Attachment:- MortgageCase.rar
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