Down payment = $180,000

House value (offered accepted) = $680,000

Appraisal = $600,000

Variable monthly mortgage with a term of 5 years, amortized over 25 years, compounded semi-annually

Rate = 50 bps below prime. (Prime rate = 2.45%)

Gross income = $100,000

Monthly car payment of $800/month

On the last lawsuit, one spouse was judged to owe the plaintiff $10,000. As part of the judgement agreement, it has been agreed the $10,000 can be paid with monthly instalments of $500. These payments will end the beginning of 2023

Calculate the Total Debt Service ratio (TDS)? (Please show calculations using Excel)