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Jenny has been approved for a 25-year fixed rate $300,000 mortgage at a rate of 4.3%. Payments will be monthly. Her gross income is $132,000.

Jenny has been approved for a 25-year fixed rate $300,000 mortgage at a rate of 4.3%. Payments will be monthly. Her gross income is $132,000. Monthly heating and property costs are $600. What is her Gross Debt Service (GDS) ratio? The Bank of Canada 5 year mortgage rate is 5.25%. Fixed-rate mortgages are compounded semi-annually. Round to the nearest percent.

a) 20%

b) 21%

c) 23%

d) 25%

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