If the total debt to service ratio (TDS) is 40% how much total mortgage can the Jone's qualify for given their gross annual income of $70,000, monthly property taxes of $400, car loan of $750 per month and fixed credit card payments of $300 per month? Assume 25 year amortization and a 2.5% mortgage rate, semi-annual compounding (c/y=2) and monthly payments (p/y=12)

Question 17 options:

$197,187

$209,509

$217,509

$219,511