As a lender, go through the information provided and determine if the clients qualify for their loan request.(set your calculator to two decimal points. Note there are questions that require you to use whole numbers and not enter the percentage sign) 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 $27,500. 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 $305,000. The mortgage was for $286,700 with a 5-year term, amortized over 25 years at 2.96%. Please Calculate the Monthly Mortgage Payment: Number (1 mark) They have made 21 payments on the mortgage. Please calculate the balance owing on the loan. Number (1 mark) This branch approved the mortgage. Taxes are $254 a month and heating is estimated at $200. They currently have $5,500 in a joint savings account at the branch. Both of them contributes to an RRSP. Jesiah has clear title to some undeveloped property 80 miles west of Edmonton he inherited a few years ago. It is currently valued at $52,500. Eventually Jesiah would like to build a cabin on the property but realizes that this is a long term-goal. Jesiah pays about $44 a month on the taxes. Cassandra also has recently received an expensive painting from her grandmother valued at $45,000 with a certificate of authenticity. Jesiah, 29, has been working for RV World for 6 years. He grosses $104,950 annually as lead Heavy Duty Mechanic, much of this is overtime income. Jesiah has provided his Notice of Assessments for his income verification as you has requested (see attached). Cassandra, 25, is in her last year at the U of A. Cassandra works part-time at the U of A bookstore as a cashier she has provided a salary letter, she grosses approximately $13,540 per year. Her manager informed her she was going to receive a 2% increase next month. 30 months ago Jesiah bought a F-150 for $55,000 and financed it with a loan (from a competitor) for $49,500 at 6.62% for 6 years compounded monthly. What is the monthly truck payment? Number (1 mark) What is the balance owing today for the truck? Number The current value of the F-150 is estimated to be $27,200. Equifax shows he has never missed a payment and confirms that there are 42 months remaining on the installment loan. Ratings on their credit cards from Costco ($1,500 credit limit) R2, RBC VISA ($3,000 credit limit) are R2, and they have a Capital One MasterCard with a R2 rating(credit limit $1,500). They both like the finer things in life, cards are continuously at the maximum credit limits. The do have a The Bay credit card reporting on their credit bureau with a limit of $4,500 but nothing is currently owing. (1 mark) Jesiah recently received an inheritance in the amount of $34,000. Currently he has it invested in a Bond Mutual Fund. Jesiah does not want to access these funds at this time and would like the funds to remain as is. He is planning on using these funds in the future to purchase a cabin.