Mini-Case B (7 marks) Like every Canadian couple, Monir and Jackie carry quite a lot of debt, despite their high income. Both lease their cars at a combined cost of $2,300 a month. Their recently-built house carries a $1,000,000 mortgage at a rate of 2.4%, 5-year term, with monthly payments over 25 years. Theirs was not a conventional mortgage, but a high-ratio mortgage at a 90% loan-to-value ratio. Other monthly debt charges (line of credit, credit card, etc.) amount to $5,000 a month. Municipal taxes and heating costs amount to $900 a month. They were First Time Home Buyers. Part 3 (2 marks) What is the couple's Total Debt Service Ratio (TDS)? Ignore Monir's capital gains/losses. Calculation of mortgage payment (rounded to nearest dollar) Calculation of TDS Part 4 (1 mark) Monir drives a Range Rover that, at the time of signing of the lease, sold for $125,000. Assuming Monir made a $5,000 down payment. Other than a low down payment, identify two advantages of leasing versus purchasing a car. Advantages of Leasing versus Purchasing Mini-Case B (7 marks) Like every Canadian couple, Monir and Jackie carry quite a lot of debt, despite their high income. Both lease their cars at a combined cost of $2,300 a month. Their recently-built house carries a $1,000,000 mortgage at a rate of 2.4%, 5-year term, with monthly payments over 25 years. Theirs was not a conventional mortgage, but a high-ratio mortgage at a 90% loan-to-value ratio. Other monthly debt charges (line of credit, credit card, etc.) amount to $5,000 a month. Municipal taxes and heating costs amount to $900 a month. They were First Time Home Buyers. Part 3 (2 marks) What is the couple's Total Debt Service Ratio (TDS)? Ignore Monir's capital gains/losses. Calculation of mortgage payment (rounded to nearest dollar) Calculation of TDS Part 4 (1 mark) Monir drives a Range Rover that, at the time of signing of the lease, sold for $125,000. Assuming Monir made a $5,000 down payment. Other than a low down payment, identify two advantages of leasing versus purchasing a car. Advantages of Leasing versus Purchasing