20. Mortgage stress: Raman currently has three loans: a mortgage on his house, an unsecured personal loan which he used to buy a car, and a credit card debt. His monthly income is $6000. The details of his loans are as follows. The outstanding balance on the mortgage is $100 000. Raman fixed the interest rate at 7.75% for the remaining 10-year term of the loan. Raman makes regular monthly repayments of $1200. He estimates that his house is worth $350 000.- The outstanding balance on the personal loan is $30 000. The interest rate is a variable 14%. Repayments are $700 per month. Current repayments would see the loan extinguished in 5 years. The outstanding balance on the credit card is $20 000. The interest rate is a variable 21%. Raman generally makes the minimum payment on his card each month, which is 4% of the balance. With additional purchases each month on the card the balance averages $20 000 per month despite Raman's payments. a. What is Raman's monthly debt to income ratio? b. Assume that Raman has been experiencing mortgage stress and that he arranges with a mortgage broker a consolidation of his debts into a single mortgage on his house of $150 000 at a variable rate of interest of 8% with monthly repayments of $1820 for a period of 10 years. What will be his new monthly debt to income ratio? c. In part b. Raman has reduced the stress of meeting his repayments. Explain to him why he is 'better off. Are there any aspects of the consolidation that you need to warn him about