The Singhs have made an appointment with you today they have found a property valued at $499,000. This is the information the you know about the Singhs from your conversation:

Total Income $82,500 annually for Jasminder, who has been a Operations Distributor for Nova Cannabis for 2 years. Prior ot that Jasminder worked in a similar role with the Alberta Liquor and Gaming for 5 years. Jasminder earned his BBA in Management from NAIT. Beda has an income of $65,000 she is a retail manager for Reebok. Beda has her Management Diploma and has worked at Alberta Liquor and Gaming for 4 years. Both have brought paystubs in to verify this information.

Credit card debt $7850 balance, carried over each month as they are making the minimum payment only.

Car Loan payment of $575/month and a vehicle lease payment of $425 monthly.

Combined they have $11,250 in TFSA's. (They plan to use for their downpayment)

Beda and Jasminder currently rent an apartment where they have lived for the last 3 years. They pay $1950/month for rent.

They plan to make a 5% down payment on a home, using hoping to use their funds in their TFSA, but have said if they require more of a down payment that their parents said they will give them the money

Heat is $300 and Tax is $360

1. Use this CMHC TABLE 2022 for the following question

Loanto-Value	Premium on Total Loan**
	Standard Purchase Premium
Up to and including 65%	0.60%
Up to and including 75%	1.70%
Up to and including 80%	2.40%
Up to and including 85%	2.80%
Up to and including 90%	3.10%
Up to and including 95% Traditional Down Payment Non-Traditional Down Payment	4.00% 4.50%

Calculate CMHC premium using their down payment:

		19960
		19862
		18962
		Not enough information to determine

2.Calculate their mortgage with the CMHC premium you calculated. 5.00% for 5 years with a 25 year amortization. Be sure to use the stress test:

		3320.32
		2867.38
		3453.13
		3495.07