In-class Assignment - Danica and Ben Skanes Case Study: Three years ago, Danica and Ben Skanes got

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In-class Assignment - Danica and Ben Skanes Case Study: Three years ago, Danica and Ben Skanes got married and purchased their first home together. This purchase occurred with very little thought or planning after they got back from their honeymoon. After paying for the wedding, they had $20,000 left over from their wedding gifts and they both withdrew the maximum $35,000 from their RRSP through the Home Buyers Plan. The purchase price was $450,000 and they borrowed $360,000. At the time of purchase, they signed a 5-year fixed rate mortgage at a rate of 3.25% and they have been making biweekly payments of $1,173.08. The current value of their home is $550,000.