Question: 1. You are in the process of analyzing Bob's current situation. He has shared with you the following information. What is Bob's Gross Debt Service
1. You are in the process of analyzing Bob's current situation. He has shared with you the following information. What is Bob's Gross Debt Service (GDS) ratio? Round your answer to two decimal places, provide the number as a percentage and do not include any symbols other than the decimal.
- Gross Annual Income $73667
- Take-home Pay $46943
- Total Assets $810,000
- Annual Mortgage Payment $18065
- Annual Utilities $8141
- Annual Heat $2476
- Annual Property tax $4235
- Annual Home Insurance $2,200
- Total Liabilities $306,000
- Total Other debt Payments $12,000
2. Karen, an excutive with ABC Inc. earns $200,000 per year. She opened a family RESP for her two children Scott (aged 7) and Belinda (age 9) on March 1, 2020. Neither child has ever been a beneficiary of an RESP, Karen makes a $3352 contribution (50% for Scott and 50% for Belinda) to the plan. What will the balance in the fund be on March 1, 2021, assuming Karen makes no further contributions to the plan. These funds earned a nominal rate of 3% per year. Round your answer to the nearest dollar. Do NOT include signs (e.g., %, $).
3. Ray and Betty are looking at buying a second car. They provide you with the following financial information:
| Ray's Gross Income | $55,000 |
| Betty's Gross Income | $65,000 |
| Annual Mortgage payment | $20641 |
| Annual Property Tax | $4894 |
| Annual Heat Costs | $1271 |
| Annual Condo Fees | $2203 |
| Annual Credit Card Payments | $3,000 |
| Annual Student Loan Payments | $6,000 |
What is Ray and Betty's Total Debt Service Ratio including the cost of the new car with monthly payments of $350?
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