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11'). Based on the GDS ratio of 32%, what is the maximum that you can spend on mortgage + taxes + heating annually for each gross income':I {2 marks} a} $4321 monthly h} 5111 per week 11. Michael is buying a townhouse for $341.8iii}. He estimates his legal expenses will be $2,1u. The bank is charging an application fee of $229. Land-transfer tax is 2.5% of the purchase price. Michael is making a down payment of 24%. {4 marks) a} Calculate the land-transfer tax is} Calculate the down payment c1 Calculate the mortgage amount {1} Calculate the total amount Michael will need on the closing date 12. Use the percent method to reduce the expense items in the table below so that total expenses are in line with a monthly income of $2.355. Note that the last two items cannot be reduoed. a) For each item that can be reduced. calculate the percent reduction. Round to the nearest tenth of a percent. (2 marks} [1} For each item that can be reduced, calculate the dollar reduction. Round to the nearest cent. (2 marks} m eercent reduction ollar reduction 1.Auto expense _ _ 2. Savings $2 $2 3. Contingency 4- Fund 5. Entertainment 5 5 5 a. Travel 9- Mortgage harment 1U. Loan Payment Ir' 2i] 1 Miscellaneous 95