1. Make the following assumptions:

Your future income = $45,000/year

You pay $1000/month in rent

You have a cell phone bill of $85/month

You have a student loan payment of $200/month

You have a VISA card with a $1000 limit and $1000 outstanding balance

Car insurance will cost $4000/year

Groceries cost you $100/week

Gas will cost you $50/week

You have no other expenses.

Calculate your TDSR given the above-mentioned assumptions and including the new loan payment you just calculated.(12 marks)

Would you qualify for this purchase?(2 mar