1. Find the Gross Debt Service Ratio for the following situations, and state whether these houses are affordable. a) The monthly mortgage payment is $805, monthly property taxes are $110, monthly heating costs are $74, and the gross monthly income is $3458. (2 marks) b) The monthly mortgage payment is $716, monthly property taxes are $120, monthly heating costs are $118, and the gross monthly income is $2280. (2 marks) p. Mr. and Mrs. Dupont are considering buying a split-level, four-bedroom house with a purchase price of $286,000. The Duponts can make a down payment of $42,000. Mr. Dupont's gross annual income is $63,300. Mrs. Dupont is working part-time while she attends university. Her gross annual income is $19,500. The Duponts are expecting their financial institution to offer them a fixed-rate mortgage rate of 3.5% over 15 years. The annual taxes on the property are $3760. The annual heating costs of the house are $3550. a) Calculate the Gross Debt Service Ratio. (4 marks) b) Can the Duponts afford this house? (1 mark) c) If the Duponts decide to amortize their mortgage over a 25-year period, can they afford this house?