You are a loan officer working at Syfield Mortgage Corp. A client, named Sara Wilson, has come to you to see if she how much she is qualified for a mortgage loan After sitting down with her, you came to know the following information about her financial situation:

Sara$$s yearly salary is: $$101,800$ per year

Sara wants to make a $10\%$ down$-$payment.

Based on your experience as well as speaking with her, you came to know about the following information about the property she is looking at:

Property tax: $$3,300/$ year

Heating bill: $$250/$ month

She also has the following liabilities:

Car loan payment: $$450/$ month

Credit card payment: $$225/$ month

Currently typical mortgage rate is $5\mathrm{.}5\%.$ Sara is looking to pay$-$off the mortgage early and wants payment to be based on a $15$ years amortization. $($assume no mortgage default insurance$)$

a$)$ What is the maximum loan she can qualify for based on GDSR and TDSR$?(7$ marks$)$

b$)$ What is the estimated value of the house she can purchase $($ignore any closing cost$).(3$ marks$)$

Instructions for completing Assignment

Use either MS Word or MS Excel. Show all calculations.