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P/Y=12 C/Y=2 1/Y=7% N=60 FV=0 PV=69275.00 PMT= 1368.46. Is this correct? If not correct indicate what the correct TDS is. (1 MARK) a A- A - I BIUS X, X E Equation Styles Font Size Words: 0 c) Explain to the lender why is calculating debt servicing ratios are critical:(3 MARKS) HEE Equation A-A-IBIUS X, X Styles Font Size Brian and Marie Peterson You are a senior lender in your branch. A new employee who is learning to lend has approached you with his credit deal that you need to review. You are to note any errors and provide the trainee with the correct information. The customer scenario is listed below, use this to assist you in making adjustments and or corrections to the credit deal. Brian and Marie Peterson are looking to consolidate their credit card debts as they seem to be out of control. Brian has been working for the last 5 years at Ikea as a store manager after graduating from his BBA at NAIT. Brian recently received a pay increase and had asked his employer to provide him with a salary letter to show his increase, this is included in the file Marie works at City Ford as a sales representative for the last 3 years, she receives a base pay along with bonuses she says she grosses 120,000 annually She mumbled that this year has not been very good as people aren't buying as many cars that is why she brought her Notice of Assessments from previous years to show you what she has made in the past. It is only a matter of time before things turn around she sald! See their net worth statement for balances on credit cards and mortgage and loan payments. This is the information came from the credit bureau Equifax shows he has never missed a truck loan payment and confirms a rating of R1, Marie's BMW loan is showing R1. Ratings on their credit cards from Sears, Visa are R2, they do however have a MasterCard with a R1 rating Both husband and wife like the finer things in life as noted in their assets listed on the net worth statements. All credit cards are continuously at the maximum credit limits They have a joint unsecured line of credit at Scotiabank which they used to consolidate their debt once before, its current rating is listed at R1 but they are only able to make minimum payments There is a unsecured line of credit at RBC that they used for home renos last year they have only been making minimum payments as well - Documentation provided INCOME VERIFICATION: Notice of Assessment for Maria Peterson Tax year 2019 Line Desorption Amount Total Income 150 Deductions from total income 110,575 18.785 bao Net Income beductions from net income 102700 15500 260 Table Income 87290 350 Total federal non-refundable tax credits 3472 $150 Total Alberta non-refundable tax credits 4120 420 Net Federal Tax 0.00 121 CPP contributions 4.207.50 1.207 50 435 Total payable. 1437 Total Income Tax Deducted 2.325.75 3.175.02 DR DR Total credits Total payable minus Total credits). Penalties Arrears interest Balance Due from this sessment Balance de 1031.88 0.00 0.00 4482 DR FOR OR 0.00 1123.00 Pan Rral Notice of Assessment for Maria Peterson for Tax year 2020 Line Description Amount 1150 Total Income beductions from total income 121.472 17.625 Net Income 238 Deductions from net income 103,847 11500 92347 280 Taxable income. 350 Total federal non-refundable tax credits 4472 $150 Total Alberta non-refundable tax credits... 3768 420 Net Federal Tax & 10.00 421 CPP contributions. 4.207.50 435 Total payable. 14.207.50 437 Total Income Tax Deducted 7.325.75 4.175.82 DR 31.88 1482 Total credits Total payable minus Total credits) Penalties Arrears interest Balance Due from this assessment Balance due DR DR 0.00 0.00 OR DR 0.00 31.88 To Whom This May Concern This letter is to confirm that Brian Peterson is an employee of the McDonalds Restaurants of Canada. Brian has been working in a full- time position since August 28th 2012. His annual salary is 85,000.00 per annum If there are any questions or concerns, please feel free to call me at 780-492-3116 Thank you. James Lykey Networth statement completed by lender: Assets Balances Liabilities House 365000 Mortgage Balances Payments 34818228 2057 90 2017 GMAC Heavy Duty 55000 Truck loan 30340.58 1744.25 BMW 2013 15000 BMW car loan 35.075.32 717.12 Sears 10500 475 Joint Savings 5000 Wayne Gretzky Hockey card-signed 25000 Diamond solitaire ring with appraisal 30000 pertiicate Visa 8000 400 Mastercard 15500 775' Scotiline 15000 450 RBC Unsecured line 21275 138.254 Total Assets 400000 Total Liabilities 404022 80 8597714 NET WORTH 'indicates debt to be consolidated