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wanted to own their home some day and have saved up $50,000. Talways tax of the kind of homes they are interested in is about $3,000 are the recent mortgage rates for different terms quoted by the Royal Bank. 7. Robert and June Campbell have a combined income of $80,000, The The property O/year. Below Rate % (Semi-annual compounding) 7.00 7.50 8.00 8.25 8.50 Term 1 year 2 years 3 years 4 years 5 years (a) Using a GDS ratio of 30%, calculate the amount of first mortgage they can get under each term (five answers). (b) Now impose the 75%-appraised value rule. Can they get the loan in (a)