FPI Group Project Case Study A Background: Jennifer and Jack were married 3 years ago, they own a condo downtown where they both work full-time. Jennifer has a job as a Marketing Coordinator at Tourism Ontario and Jack is the manager of a local pub. Life is simple for them as they can walk or take transit wherever they want to go, they have friends close by and family just north of the city reachable by Go Train. Recently some of their friends have started to have babies and Jennifer is eager to start a family too. The challenge is raising a child in their small one-bedroom condo, so they have engaged a real estate agent and have started talking to a few banks to determine how much they could afford if they wanted to buy a bigger home. They have come in for a follow up appointment at Bank T to hear what the experts have to say in terms of budgeting and the maximum mortgage they would qualify for. Annual Income Expenses $55,000 $240 Jack $49.500 Food & clothes $500 m Cell & intranet $100 Eating out & team 500 Chequing account $500 Mortgage $350,000, paying $1,775, 3-year Savings accom $1,000 fined mtgage at 2.9% due for renewal January 201 Condo $500,000 Jessie's RRSP $15,000 Condo fees $475 Jack's RRSP $10,000 Hosting $50 Taxes $200 me $10,000 Pro Line of Credit at Prime +3% cumly with 50 balance Credit and with all of $15,000 full monthly Note Jack had a minor on hi conflict with Bell 5 years ag