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Calculate clients GDS and TDS and explain if they will get the bank approval for a mortgage loan: (20 points) Saving account: $160 000 (Down

Calculate clients GDS and TDS and explain if they will get the bank approval for a mortgage loan: (20 points) Saving account: $160 000 (Down payment) Salary husband: $120000 Salary wife: $135 000 Sale price: $ 789 000. The municipal and school taxes are $ 9000 annually and heating is $ 2400 per year Mortgage interest: 3.5% Amortization period of 20 years Car #1: $600 per month Car #2: $750 per month Master Card balance: $15000 Visa Card balance: $45 000 Line of credit balance: $15000 Husband is paying $450 per month for child alimony to his ex-wife GDS=35% TDS=42%

SHOW YOUR CALCULATION AND EXPLAIN IF THE CLIENTS QUALIFY OR NOT:

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