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As a lender, go through the information provided and determine if the clients qualify for their loan request. Jesiah and Cassandra Hamilton have been married
As a lender, go through the information provided and determine if the clients qualify for their loan request. Jesiah and Cassandra Hamilton have been married for 2 years. They are presently living in an older home and have come to you seeking financing so that they can renovate their kitchen in their home. Jesiah has priced out the renovation project and brought in some written estimates. He estimates the cost of the renovation to be $47,500. Jesiah and Cassandra want to repay the loan over 5 years. Jesiah has taken a building construction course at NAIT is excited to use the skills he has learned. The Hamilton's house is valued at $350,000. The mortgage was for $308,000 with a 5-year term, amortized over 25 years at 3.24%. Please Calculate the Monthly Mortgage Payment: Number (1 mark) They have made 32 payments on the mortgage. Please calculate the balance owing on the loan. Number (1 mark) As a lender, go through the information provided and determine if the clients qualify for their loan request. Jesiah and Cassandra Hamilton have been married for 2 years. They are presently living in an older home and have come to you seeking financing so that they can renovate their kitchen in their home. Jesiah has priced out the renovation project and brought in some written estimates. He estimates the cost of the renovation to be $47,500. Jesiah and Cassandra want to repay the loan over 5 years. Jesiah has taken a building construction course at NAIT is excited to use the skills he has learned. The Hamilton's house is valued at $350,000. The mortgage was for $308,000 with a 5-year term, amortized over 25 years at 3.24%. Please Calculate the Monthly Mortgage Payment: Number (1 mark) They have made 32 payments on the mortgage. Please calculate the balance owing on the loan. Number (1 mark)
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