James, 35 years old, would like to save as much money as possible for the down-payment of a house which he would like to purchase in 3-years. Currently he rents an apartment for $4,000. per month, is unmarried with additional monthly expenses totaling $6000. This includes a car loan with monthly payments of $1,500. His income per month is $15,000. He prefers a condominium but is open to other options. The price range for a condo hes interested in is $2,000,000. -$2,500,000

. a. What is the minimum amount of money James should save for the down payment of the condominium should he decide to take out a mortgage?

b. Advise James on the best option to save for the down-payment of the condominium.

c. Discuss four (4) factors James should consider before purchasing a house.

d. Calculate James debt-to-service ratio. Comment on the results.