Question: please help me solve this Mini-Case E: (5 marks) It is February 18, 2022, Asra and Yadi are looking to buy their first home but

please help me solve this

please help me solve this Mini-Case E: (5 marks)please help me solve this Mini-Case E: (5 marks)
Mini-Case E: (5 marks) It is February 18, 2022, Asra and Yadi are looking to buy their first home but prices during this pandemic seem especially high. To come up with the down payment, they will need to dip into their Registered Retirement Savings Plan's (RRSP's) to take advantage of the Home Buyer's Plan (HBP). To date, Asra has made a total of $27,000 in contributions to her RRSP while Yadi has made $24,000 in Page 9 of 14 total to his. Their RRSP's have grown over the years and the market value for Asra's RRSP is $38,763 while Yadi's RRSP is valued at $31,222. They are now looking to withdraw from their RRSPs under the HBP, for the which they will use as a total down payment on their dream home. They have turned to you for some help to their questions. a) Based on the information they have provided you, what is the total amount that Asra and Yadi can withdraw from their RRSPs under the HBP for their down payment on their first home? See Table E (.5 mark) Total: b) Asra and Yadi must start re-paying into their RRSP beginning in the second year of withdrawal. Calculate the minimum annual repayment amount that Asra and Yadi must re-pay to their respective RRSPs? (1 mark) Asra's calculation for the minimum annual RRSP repayment amount for the withdrawal under the HBP (.5 mark) Yadi's calculation for the minimum annual RRSP repayment amount for the withdrawal under the HBP (.5 mark)c) Calculate if the down payment on the home through the Home Buyer's Plan would qualify for a conventional mortgage (they are looking to purchase a property on the market for $331,000). (.5.25 marks each) Conventional mortgage calculation (.25 marks) Will they qualify for a conventional mortgage? Underline and highlight response Yes or No (.25 marks) d) Asra and _i[a_di are going to the CIBC to discuss a potential mortgage. Based on the following information, calculate the Gross Debt Service (GDS) ratio. Asgajs gross annual salary is $125,150, while Xagljjs is $123,750. The property they are looking to purchase would result in monthly heating costs of $360, condo fees of $3,950 per year, while their annual property taxes would be $6,484. Agrajs only debt is a car loan of $835 per month, while _Y_ad_i has a student loan of $220 per month. Page 10 of 14 Calculate the GDS ratio using a monthly mortgage payment of $5,572. (1 mark) Calculation of the GDS ratio (1 mark)

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