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1. Priya currently lives in her condo worth $750,000. She loves her condo but believes that she should renovate it and wants to get a second mortgage to do the same. She currently works as an accountant with a base salary of $110,000. She goes to her bank to see how much she can afford in terms of monthly payments. Her current monthly expenses include:
Mortgage: $1655
Hydro: $199
Heat: $231
Internet: $97
Home Insurance: $114
Netflix: $22
Student Loan: $79
Car Loan: $117
Property Tax: $290
If Priya's bank allows a GDSR of upto 32%, and the rate on the new mortgage will be 4.9% compounded semi-annually for 25 years, what is the maximum amount she can afford as a second mortgage?
A. 131,499
B. 97,466
C. 78,093
D. 85,001
2. If Alex borrowed $900,000 in a 4 year variable mortgage for 30 years at a rate of Prime (4.7%) - 1.4%, how much would his monthly payment be?
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