Mini-Case E (3 marks) Nicole is ready to purchase her first home. The bank has advised her that they need to work on some ratios before letting her know if the mortgage is approved. Calculate Nicole's Gross Debt Service (GDS) and Total Debt Service (TDS) ratio based on the information she has provided. Advise Nicole if she is within the financial institution's guidelines for obtaining a mortgage. Annual gross salary: $85,000 Estimated monthly mortgage payment: $1,650 Transportation (monthly metro pass) $51 Estimated annual property taxes: $1,500 Estimated monthly heating: $150Monthly home renovation loan payments $200 Estimated annual condo fees S500 Monthly student loan $70 Weekly food $130 Weekly entertainment expenses $60 Calculate the GDS ratio: (1 mark) Highlight your response if the GDS ratio calculated is within guideline: (.5 mark) Yes or No Calculate the TDS ratio: (1 mark) Highlight your response if the TDS ratio calculated is within guideline: (.5 mark) Yes or No