Jesiah and Cassandra Hamilton have been married for 2 years. They are presently living in an older home 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 some written estimates. He estimates the cost of the renovation to be $27,500. Jesiah and Cassandra want to repay the loan over 5 years. Jesiah has taken a building construction course at NAIT is excited to use the skills he has learned. The Hamilton's house is valued at $325,000. The mortgage was for $276,250 with a 5-year term, amortized over 25 years at 2.92%. Please Calculate the Monthly Mortgage Payment: (1 mark) $1.298,54 They have made 33 payments on the mortgage. Please calculate the balance owing on the loan. (1 mark) S 254,755,63 This branch approved the mortgage. Taxes are $271 a month and heating is estimated at $175. They currently have $10,000 in a joint savings account at the branch. Both of them contributes to an RRSP. Jesiah has clear title to some undeveloped property 80 miles west of Edmonton he inherited a few years ago. It is currently valued at $57,500. Eventually Jesiah would like to build a cabin on the property but realizes tht this is a long term-goal. Jesiah pays about $48 a month on the taxes. Cassandra also has recently received an expensive painting from her grandmother valued at $45,000 with a certificate of authenticity. Jesiah, 29, has been working for RV World for 6 years. He grosses $105,360 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 attached). Cassandra, 25, is in her last year at the U of A. Cassandra works part-time at the U of A bookstore as a cashier she has provided a salary letter, she grosses approximately $24,720 per year. Her manager informed her she was going to receive a 4% increase next month. Jesiah and Cassandra Hamilton have been married for 2 years. They are presently living in an older home 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 some written estimates. He estimates the cost of the renovation to be $27,500. Jesiah and Cassandra want to repay the loan over 5 years. Jesiah has taken a building construction course at NAIT is excited to use the skills he has learned. The Hamilton's house is valued at $325,000. The mortgage was for $276,250 with a 5-year term, amortized over 25 years at 2.92%. Please Calculate the Monthly Mortgage Payment: (1 mark) $1.298,54 They have made 33 payments on the mortgage. Please calculate the balance owing on the loan. (1 mark) S 254,755,63 This branch approved the mortgage. Taxes are $271 a month and heating is estimated at $175. They currently have $10,000 in a joint savings account at the branch. Both of them contributes to an RRSP. Jesiah has clear title to some undeveloped property 80 miles west of Edmonton he inherited a few years ago. It is currently valued at $57,500. Eventually Jesiah would like to build a cabin on the property but realizes tht this is a long term-goal. Jesiah pays about $48 a month on the taxes. Cassandra also has recently received an expensive painting from her grandmother valued at $45,000 with a certificate of authenticity. Jesiah, 29, has been working for RV World for 6 years. He grosses $105,360 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 attached). Cassandra, 25, is in her last year at the U of A. Cassandra works part-time at the U of A bookstore as a cashier she has provided a salary letter, she grosses approximately $24,720 per year. Her manager informed her she was going to receive a 4% increase next month
