Lo DO ar Channal INSTRUCTIONS: PLEASE READ ALL QUESTIONS CAREFULLY! QUESTION 1 10 points Jake is currently looking to finance the purchase of his new home. Jake would like to know if he wouldqualify for a home loan. He has provided the following information about his current financial status. REQUIRED INFORMATION TO CALCULATE VALUES GDS GROSS INCOME MUNICIPAL TAXES SCHOOL TAXES MONTHLY HEATING COST DOWN PAYMENT Amortization period 30 years Condominium Fees Credit card balance Car payment For credit card balances, use 5% $ 90,000.00 $ 2,300.00 $1,400.00 $ 165.00 $ 65,000.00 Interest rate: 3.50%SA Bank of Canada rate: 5.60% SA $275/ month $5000 $275 per month Calculate how much Jake would qualify for in terms of a monthly mortgage payment, how much his maximum mortgage loan amount would be, and his potential maximum purchase price based on a 34% Gross Debt Service Ratio. Show all calculations and identify each step. /5 points