Based on the GDS and TDS ratio guidelines, the Roses could have been approved for a more expensive home and gotten an even larger mortgage when they initially applied two years ago Assume the following a 25% downpayment requirement, a 25 year amortization, and a 6.5%. APR, monthly expenses of 5310 for property taxes, 560 for home insurance and 5240 for utilities (heating), RRSP and Auto loan payment of 5600 Following are the Mortgage Payment Factors (principal and interest factors per 51,000 of loan amount) 25 Year 20 Yeun 15 Year Rate 460 BON 4.06 4.00 13 3. BURO 3.91 4.00 7.03 7.14 7. 3.8% IN 4.00 4.389 4.59 4.7595 3.00% 4.17 3.00 333 7.30 7.30 7.69 8.30 6.44 3. 5.02 7.75 7.83 6.87 5.98 6.71 0.01 5.25% 3.3% 6.10 6.84 8.14 Calculate the ranges for the maximum monthly mortgage payment, the maximum mortgage amount and the maximum home purchase price that Johnny and Moira could have been approved for prior to their pregnancy based on the standard GDS and TDS ratio guidelines? Use the table to structure your answer, using the method and format we leared in class: Based on the GDS and TDS ratio guidelines, the Roses could have been approved for a more expensive home and gotten an even larger mortgage when they initially applied two years ago Assume the following a 25% downpayment requirement, a 25 year amortization, and a 6.5%. APR, monthly expenses of 5310 for property taxes, 560 for home insurance and 5240 for utilities (heating), RRSP and Auto loan payment of 5600 Following are the Mortgage Payment Factors (principal and interest factors per 51,000 of loan amount) 25 Year 20 Yeun 15 Year Rate 460 BON 4.06 4.00 13 3. BURO 3.91 4.00 7.03 7.14 7. 3.8% IN 4.00 4.389 4.59 4.7595 3.00% 4.17 3.00 333 7.30 7.30 7.69 8.30 6.44 3. 5.02 7.75 7.83 6.87 5.98 6.71 0.01 5.25% 3.3% 6.10 6.84 8.14 Calculate the ranges for the maximum monthly mortgage payment, the maximum mortgage amount and the maximum home purchase price that Johnny and Moira could have been approved for prior to their pregnancy based on the standard GDS and TDS ratio guidelines? Use the table to structure your answer, using the method and format we leared in class