1) Assume the couple purchases a home with a $400,000, fixed-rate mortgage (fixed-rate mortgages are compounded semi-annually in Canada) and they opt for monthly payments, a term of 5 years at a rate of 6.2%, and an amortization period of 25 years. All else equal, if they had chosen instead an accelerated bi-weekly payment, how much interest would they save over the life of the mortgage?Round to the nearest dollar. 2)The year is 2024. Ramy Anoub graduated three years ago with a Masters in Aerospace Engineering. He was happy to be finished his studies at last and embark upon his chosen career. Since graduating Ramy has purchased an electric car and condo on the Lachine Canal - both involving considerable debt.

Ramy thought that with the salary he makes ($250,000) he should have no financial problems. But with his high car and condo payments, and uncontrolled spending on entertainment, he finds that his credit cards are always maxed out and he makes only the minimum payment. Sticking to any type of savings plan seems impossible.

Ramy's company offers a Registered Contribution Pension Plan to which he and his employer each contribute $12,500 a year. They also offer a generous medical plan covering 80% of medical bills (his plan premium is $2,500). Nevertheless, Ramy's multiple sclerosis (MS) medication still costs him $4,320 a year. He is thankful that his only other medical bill involves $600 a year for dental work.

Refer to the 2023 CRA Income Tax and Benefit return for Quebec.

https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/5005-r/5005-r-23e.pdf

a)Assuming no change in salary or expenses, identify and calculate two tax deductions for which Ramy would be eligible when filing his 2023 Income Tax and Benefit return. Indicate the line numbers. Hint:Refer to Schedule 8, Part 3, assuming Ramy's employer has made the appropriate deductions from his salary.

b)Assuming no change in salary or expenses, identify and calculate two tax credit amounts for which Ramy would be eligible when filing his 2023 Income Tax and Benefit return. Indicate the line numbers.

c)Explain two actions that would help Ramy start a successful savings plan.

d) Ramy carries an average balance of $8,000 on a credit card that charges 18.75%, compounded daily. His minimum monthly payment would be (0.05)($8,000) = $400. If he stopped using this card and continued to pay the $400 each month, how long would it take to pay off the $8,000 balance?

e) Ramy was born in May 1995. If he opened a Tax-Free Savings Account (TFSA), how much could he contribute today? Show your calculation year by yea