As alender, go through the information provided and determine if the clients quality 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. Jeslah has priced out the renovation project and brought in some written estimates. He estimates the cost of the renovation to be $37,600. Jeslah and Cassandra want to repay the loan over 5 years, Jesiah has taken a bullding construction course at NAIT is excited to use the skills he has learned The Hamilton's house is valued at $320,000. The mortgage was for $281,600 with a 5-year term, amortized over 25 years at 3.12% Please Calculate the Monthly Mortgage Payment: Number (1 mark) They have made 17 payments on the mortgage. Please calculate the balance owing on the loan. Number (1 mark) This branch approved the mortgage. Taxes are $267 a month and heating is estimated at $150. They currently have $6,500 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 $67,500. Eventually Jesiah would like to build a cabin on the property but realizes that this is a long term-goal. Jesiah pays about $56 a month on the taxes, Cassandra also has recently received an expensive painting from her grandmother valued at $20,000 with a certificate of authenticity Jesiah 29, has been working for RV World for 6 years. He grosses $91.250 annually as lead Heavy Duty Mechanic, much of this is overtime Income. Jeslah 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 $12,280 per year. Her manager informed her she was going to receive a 1% increase next month. 43 months ago Josiah bought a Ram for $43,000 and financed it with a loan (from a competitor) for $38,700 at 5.08% for 7 years compounded monthly What is the monthly truck payment? Number (1 mark) What is the balance owing today for the truck? Number (1 mark) The current value of the Ram is estimated to be $21,200. Equifax shows he has never missed a payment and confirms that there are 41 months remaining on the installment loan. Ratings on their credit cards from Contoo ($3,000 credit limityR1, RBC VISA ($4,000 credit limitare R1, they do however have a Capital One MasterCard with a R1 rating credit limit $4,500) 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 $2.000 but nothing is currently owing
