A couple recently negotiated a $25-$year, $$350,000$ mortgage, with a fixed rate of $3\mathrm{.}1\%$ for $5$ years. The Bank of Canada $5-$year benchmark rate is currently $5\mathrm{.}25\%.$ What monthly mortgage payment will be factored into the calculation of their Total Debt Service ratio $($TDR$)$ under the mortgage stress test?

Question $1$Answer

a$.$

$$3,175$

b$.$

$$2,086$

c$.$

$$2,056$

d$.$

$$1,674$