Question 7 options:

Sonya's condo is foreclosed. She has a high-ratio (CMHC insured) mortgage. She bought her home for $500,000. She borrowed $480,000. She owes $420,000 on her mortgage and the condo is sold for $300,000 in a foreclosure sale. Calculate the shortfall in this situation. YOU MUST set out the amount owing in numbers, with no cents, for example as follows: $700,000