1. You are in the process of analyzing Bob's current situation. He has shared with you the...

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Question:

1. You are in the process of analyzing Bob's current situation. He has shared with you the following information. What is Bob's Gross Debt Service (GDS) ratio? Round your answer to two decimal places, provide the number as a percentage and do not include any symbols other than the decimal.

Gross Annual Income $73667
Take-home Pay $46943
Total Assets $810,000
Annual Mortgage Payment $18065
Annual Utilities $8141
Annual Heat $2476
Annual Property tax $4235
Annual Home Insurance $2,200
Total Liabilities $306,000
Total Other debt Payments $12,000

2. Karen, an excutive with ABC Inc. earns $200,000 per year. She opened a family RESP for her two children Scott (aged 7) and Belinda (age 9) on March 1, 2020. Neither child has ever been a beneficiary of an RESP, Karen makes a $3352 contribution (50% for Scott and 50% for Belinda) to the plan. What will the balance in the fund be on March 1, 2021, assuming Karen makes no further contributions to the plan. These funds earned a nominal rate of 3% per year. Round your answer to the nearest dollar. Do NOT include signs (e.g., %, $).

3. Ray and Betty are looking at buying a second car. They provide you with the following financial information:

Ray's Gross Income	$55,000
Betty's Gross Income	$65,000
Annual Mortgage payment	$20641
Annual Property Tax	$4894
Annual Heat Costs	$1271
Annual Condo Fees	$2203
Annual Credit Card Payments	$3,000
Annual Student Loan Payments	$6,000