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As a lender, go through the information provided and determine if the clients qualify for their loan request. (set your calculator to two decimal points. Note there are questions that require you to use whole numbers and not enter the percentage sign) Jesiah and Cassandra Hamilton have been maried for 2 years. They are presenty living in an oider heme and have come to you seeking financing so that they can renovate their kitchen in their home. Jesiah has priced out the renovation project and brought in 5 come written estimates. He estimates the cost of the renovation to be $27,500. Jesiah and Cassandra want to repay the laan over 5 years, Jesiah has taken a bullding construction course at NATT is excited to use the skilis he has learned. The Hamiton's house is valued at $325,000. The mortgage was for $295,750 with a 5 -year term, amortized over 25 years at 2.52%. Please Caiculate the Monthly Mortgage Payment (1 mark) They have made 24 payments on the mortgage. Please calculate the batance owing on the loan. (1 mark) This branch approved the mortgage. Taxes are $271a month and heating is estimated at $175. They currenty have $8,500 in a foint savings account at the branch. Neither of them contributes to an RRSP. Jesiah has clear titie to some undeveloped property 80 miles west of Edmonton he inherited a few years ago. It is currently valued at $65,000. Eventually Jesiah would llke to build a cabin on the property but realizes that this is a long term-goal, Jesiah pays about $54 a month on the taxes, Cassandra also has recently recetved an expensive painting from her grandmother valued at $17,500 with a certificate of authenticity. Jeslah, 29 , has been working for RV Worid for 6 years. He grosses $82,310 annually as lead Heavy Duty Mechanic, much of this is overtime income. Jesiah has provided his Notice of Assessments for his income verification as you has requested (see This branch approved the morigage. Taxes are $271 a month and heating is estimated at $175. They currently have $8,500 in a joint tivings account at the branch. Neither of them contribules to an RRSP. Jesiah has clear tille to some undeveloped property 80 miles west of Edmonton he inherited a few years apo. it is currently valued at $65,000. Eventuady Jesiah would like to bulld a cabin on the property but realizes that this is a long term-goal. Jesiah pays nbout $54 a month on the taxes. Cagsandra aiso has recently received an expensive painting from her grandmother valued at $17,500 with a certificate of atthenticily: Jesiah, 29, has been working for RV World for 6 years. He grosses 582,310 annually as lead Heavy Duty Mechanic, much of this is overtime inconve. Jesiah has provided his Notice of Assessments for his income verification as you has requested (see attached) Cassantia, 25, is in her last yeat at the U of A. Cassandra works part-time at the U of A bookstore as a cashiler she has provided a salary lettet, she grosses approximately $18,180 per year. Her manager informed her the was going to receive a 4 whiciease next month 40 months ago Jeshah bought a F-150 for $44,500 and financed it with a loan (from a competitor) for $40,100 at 4.7% for 6 years compounded monthly. What is the monthly truck payment? (1 mark) What is the balance owing today for the truck? (t mark) The current value of the F-150 is estimated to be $16,300. Equitax shows he has never missed a payment and confirms that there are 32 months remaining on the installment foan. Ratings on their credit cards from Costoo ($3,000 credit limit) R2, RBC VISA (\$3, 500 credit limit) are R3, and they have a Capital One MasterCard with a R3 rating(credit limit \$4,500). They both like the finer things in fffe, cards are continuously at the maximum credit limits. The do have a The Bay credit card reporting on their credit bureau with a limit of $4,500 but nothing is currently owing. Jesiah recently received an inheritance in the amount of $25,000. Currently he has it invested in a GIC. Jesiah does not want to access these funds at this time and would like the funds to remain as is. He is planning on using these funds in the future to purchase a cabin. Natia 3ntin Criculate Jesiah's Monthly income (f) mark) Calculate Cassandra's Monthly Income(asgume she is paid equally each month of the year): (1) main) Calculate Net Worth from lender perspective: (1 mark) In reviewing their current financial situation, you would recommend that the Hamilions also consolidate their consumer debis along with their renovation request. Calculate the consolidation loan at 5.9% for 5 years. Monthly loan payment 1 mark) Calculate the consolidation loan at 5.9% for 5 years. Monthly loan payment: 1 mark) Calculate Jesiah and Cassandra's GDS(use whole numbers no percentages): \%(1 mark) Calculate Jesiah and Cassandra's TDS(use whole numbers no percentages): W(1 mank) Do you approve the loan? Yes No (1 mark) Rating the 5 C's of Credit: 1) charanter ( 5 marks): Is it satisfactory/marginal/unsatisfactory? Justify your decision. 2) Capacity (2 marks): Is it satisfactorymarginaliunsatisfactory? Jusitity yout decision. 31 Canital (2 marks): Is it satisfactory/marginallunsatisfactory? Justify your decision. 4) Coliateral (2 marks) is it satisfactoryimarginathunsatistactory? Justify your becision. 5) Creduli2 marks) is it satistactoryimarginalunsatistactory? Justfy your decision. Credit Decision: Summarize your final decision using your analysis of the 5C 's to defend your position. (6 marks) As a lender, go through the information provided and determine if the clients qualify for their loan request. (set your calculator to two decimal points. Note there are questions that require you to use whole numbers and not enter the percentage sign) Jesiah and Cassandra Hamilton have been maried for 2 years. They are presenty living in an oider heme and have come to you seeking financing so that they can renovate their kitchen in their home. Jesiah has priced out the renovation project and brought in 5 come written estimates. He estimates the cost of the renovation to be $27,500. Jesiah and Cassandra want to repay the laan over 5 years, Jesiah has taken a bullding construction course at NATT is excited to use the skilis he has learned. The Hamiton's house is valued at $325,000. The mortgage was for $295,750 with a 5 -year term, amortized over 25 years at 2.52%. Please Caiculate the Monthly Mortgage Payment (1 mark) They have made 24 payments on the mortgage. Please calculate the batance owing on the loan. (1 mark) This branch approved the mortgage. Taxes are $271a month and heating is estimated at $175. They currenty have $8,500 in a foint savings account at the branch. Neither of them contributes to an RRSP. Jesiah has clear titie to some undeveloped property 80 miles west of Edmonton he inherited a few years ago. It is currently valued at $65,000. Eventually Jesiah would llke to build a cabin on the property but realizes that this is a long term-goal, Jesiah pays about $54 a month on the taxes, Cassandra also has recently recetved an expensive painting from her grandmother valued at $17,500 with a certificate of authenticity. Jeslah, 29 , has been working for RV Worid for 6 years. He grosses $82,310 annually as lead Heavy Duty Mechanic, much of this is overtime income. Jesiah has provided his Notice of Assessments for his income verification as you has requested (see This branch approved the morigage. Taxes are $271 a month and heating is estimated at $175. They currently have $8,500 in a joint tivings account at the branch. Neither of them contribules to an RRSP. Jesiah has clear tille to some undeveloped property 80 miles west of Edmonton he inherited a few years apo. it is currently valued at $65,000. Eventuady Jesiah would like to bulld a cabin on the property but realizes that this is a long term-goal. Jesiah pays nbout $54 a month on the taxes. Cagsandra aiso has recently received an expensive painting from her grandmother valued at $17,500 with a certificate of atthenticily: Jesiah, 29, has been working for RV World for 6 years. He grosses 582,310 annually as lead Heavy Duty Mechanic, much of this is overtime inconve. Jesiah has provided his Notice of Assessments for his income verification as you has requested (see attached) Cassantia, 25, is in her last yeat at the U of A. Cassandra works part-time at the U of A bookstore as a cashiler she has provided a salary lettet, she grosses approximately $18,180 per year. Her manager informed her the was going to receive a 4 whiciease next month 40 months ago Jeshah bought a F-150 for $44,500 and financed it with a loan (from a competitor) for $40,100 at 4.7% for 6 years compounded monthly. What is the monthly truck payment? (1 mark) What is the balance owing today for the truck? (t mark) The current value of the F-150 is estimated to be $16,300. Equitax shows he has never missed a payment and confirms that there are 32 months remaining on the installment foan. Ratings on their credit cards from Costoo ($3,000 credit limit) R2, RBC VISA (\$3, 500 credit limit) are R3, and they have a Capital One MasterCard with a R3 rating(credit limit \$4,500). They both like the finer things in fffe, cards are continuously at the maximum credit limits. The do have a The Bay credit card reporting on their credit bureau with a limit of $4,500 but nothing is currently owing. Jesiah recently received an inheritance in the amount of $25,000. Currently he has it invested in a GIC. Jesiah does not want to access these funds at this time and would like the funds to remain as is. He is planning on using these funds in the future to purchase a cabin. Natia 3ntin Criculate Jesiah's Monthly income (f) mark) Calculate Cassandra's Monthly Income(asgume she is paid equally each month of the year): (1) main) Calculate Net Worth from lender perspective: (1 mark) In reviewing their current financial situation, you would recommend that the Hamilions also consolidate their consumer debis along with their renovation request. Calculate the consolidation loan at 5.9% for 5 years. Monthly loan payment 1 mark) Calculate the consolidation loan at 5.9% for 5 years. Monthly loan payment: 1 mark) Calculate Jesiah and Cassandra's GDS(use whole numbers no percentages): \%(1 mark) Calculate Jesiah and Cassandra's TDS(use whole numbers no percentages): W(1 mank) Do you approve the loan? Yes No (1 mark) Rating the 5 C's of Credit: 1) charanter ( 5 marks): Is it satisfactory/marginal/unsatisfactory? Justify your decision. 2) Capacity (2 marks): Is it satisfactorymarginaliunsatisfactory? Jusitity yout decision. 31 Canital (2 marks): Is it satisfactory/marginallunsatisfactory? Justify your decision. 4) Coliateral (2 marks) is it satisfactoryimarginathunsatistactory? Justify your becision. 5) Creduli2 marks) is it satistactoryimarginalunsatistactory? Justfy your decision. Credit Decision: Summarize your final decision using your analysis of the 5C 's to defend your position. (6 marks)