Peter and Mary Jane want to purchase a new home down the street from Peter's aunt May for $$150,000.$ Their combined income is $$58,000$ and they have collected a down payment of $$38,000.$ They need to obtain a mortgage of $$112,000.$ Taxes on the house are $$1,800$ a year and the heating is $$1,100$

annually. The couple$$s other debt payments are $$623$ per month for their car loan and their student loan. To keep payments low the mortgage will be amortized over $25$ years. Interest rates are $6\mathrm{.}00\%$ compounded semi$-$annually with a $40\%$ TDSR threshold.

Answer questions $2,3,$ and $4,$ and then let the couple know if they can financially be comfortable purchasing the house.

$1.$

Mabey

$2.$

Yes

$3.$

I don't know

$4.$

No