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As a lender, go through the information provided and determine if the clients qualify for their loan request. Jesian and Cassandra Hamilton have been married for 2 years. They are presently living in an older home and have come to you seeking financing so that they can renovate their kitchen in their home. Jesiah has priced out the renovation project and brought in some witten estimates. He estimates the cost of the renovation to be $27,500 Jesiah and Cassandra want to repay the loan over 5 years Jesih has taken a building construction course at NAIT is excited to use the skills he has learned The Hamilton's house is valued at $335,000. The mortgage was for $298. 150 with a 5-year term. amortized over 25 years at 359% Please Calculate the Monthly Mortgage Payment: Number (1 mark) They have made 35 payments on the mortgage. Please calculate the balance owing on the loan Number (1 mark) This branch approved the mortgage Taxes are $279 a month and heating is estimated at 5175. They currently have $7.000 in a joint savings account at the branch Neither of them contributes to an RRSP Josiah has clear title to some undeveloped property 80 miles west of Edmonton he inherited a few years ago. It is currently valued at $57.500. Eventually Josiah would like to build a cabin on the property but realize that this is a long term goal Josiah pays about 548 a month on the taxes. Cassandra also has recently received an expensive painting from her grandmother valued at $32,500 with a certificate of authenticity Jesiah, 29, has been working for RV World for 6 years. He grosses $104,350 annually as lead Heavy Duty Mechanic, much of this is overtime income Jesiah has provided his Notice of Assessments for his income verification as you has requested (ee attached) Cassandra, 25, is in her last year at the of A Cassandra works part-time at the U of A bookstore as a cashier she has provided a salary letter she grosses approximately $15.510 per year. Her manager informed her she was going to receive a 3% increase next month 20 months ago Jesih bought a Tundra for $44.500 and financed it with a loan (from a competitor) for $40,100 at 491% for 5 years compounded monthly What is the monthly truck payment? Number (1 mars What is the balance owing today for the truck? Number [1 mark) The current value of the Tundra is estimated to be 532 200 Equifax shows he has never missed a payment and confirm that there are 52 months remaining on the installment loan Ratings on their credit cards from Costco $2.000 credit. RBC VISA (54,000 credit limit) are they do however have a Capital One MasterCard with a R3 rating credit limit 1,500). They both the finer things in life, cards are continuously at the maximum credit limits. The do have a The Bay credit card reporting on their credit bureau with a limit of $1.500 but nothing is currently owing Jesiah recently received an inheritance in the amount of $59.000. Currently he has it invested in a GIC. Jestah does not want to access these funds at this time and would like the funds to remain as is. He is planning on using these funds in the future to build a cabin on his tand. Notice of Assement for detah Hamilton Tax year 2018 Line Description 150 Total Income Deductions from total income 236 Net Income Deductions from net income 260 Taxable income 350 Total federal non-refundable tax credits 6150 Total Alberta non-refundable tax credits 420 Net Federal Tax 421 CPP contributions, 435 Total Payable $ Amount $104,976 $14,382 $90,594 0 $90,594 $3,947 $2,751 0.00 4,207 60 4,207.50 437 Total Income Tax Deducted $28,718.3 482 3,175.62 minus Total DRI 1031.88 Total credits (Total payable credits). [Penalties... Arrears interest Balance Due assessment Balance due DR 0.00 DR 0.00 from this 0.00 DRI $1,381 DR Line Description 150 Total Income Deductions from total income 236 Net Income Deductions from net income 260 Taxable income 350 Total federal non-refundable tax credits 6150 Total Alberta non-refundable tax credits 420 Net Federal Tax CPP contributions 435 Total Payable $ Amount $121,877 $15,844 $106,033 0 $106,033 $3,896 $2,870 421 0.00 4,207 50 4,207.50 437 Total Income Tax Deducted $32,552 13 482 3.175.62 minus Total DR 1031.88 Total credits (Total payable credits) [Penalties Arrears interest Balance Due assessment Balance due.. DR 0.00 DR 0.00 from this 0.00 DR $1,736 DRI Cassandra's Income Confirmation Letter: Jackson Peters Human Resources Manager University of Alberta 116 Stand 85 Ave Edmonton, Alberta TOG 2R3 November 30, 2021 To Whom This May Concern, This letter is to confirm that Cassandras Hamilton is an employee of the University of Alberta Bookstore Cassandra has been working in a part-time position since September 15th 2020. Her annual salary is 15, $10 per annum if there are any questions or concerns, please feel free to call me at 780-452-3216 Thank you Jackson Peters (1 mark) Calculate Jesial's Monthly income Number Calculate Cassandra's Monthly Income assume she is paid equally each month of the year. Number (1 mark) Calculate their assets and liabilities (Do not leave any blank Enter applicable ASSETS VALUES Property Number (1 mark Bank Account Number (1 mark) Land Number (1 mark) Tundra Number (1 mark) Investments Number (1 mark Other Number (1 mark) Total Assets Number (1 mark) VALUES MINIMUM PAYMENT LIABILITIES Mortgage Number (1 mark) Number (1 mark) Loan Number (1 mark) Number (1 mark) Costco Mastercard Number (1 mark) Number (1 mark) RBC Visa Number (1 mark) Number (1 mark) Bay credit card Number (1 mark) Number (1 mark) Capital One Ord Number (mark Number (1 mark) Total abilities Number (1 mark) Calculate Net Worth from lender perspective Number it mark) Interviewing the current financial situation, you would recommend that the Hamiltons also consolidate their consumer debts along with their renovation request Calculate the consolidabontan at 5.8 for 5 years Monthly loan payment Number d marki Calculate Josiah and Cassandra's GOS: Number (1 mark Calculate Jesial and Cassandra's TDS Number mark Do you approve the loan?1 mark) No Yes You recommend to Sosiah and Cassandra that they consider using the investment asset as collateral to reduce the interest rate on their loan from by 2% Julia thinks this may be a good idea, calculate the loan payment at at this new rate. Number How does this change their TDS calculation? Number They agree to use the Investment asset as collateral. What documentation is required? Obtain a statement, verify the total, and secure collateral for the loan following your financial institution's processes Register a message on your computer system for the investment account that it is taken as collateral for this loan. O Recent statement of investment account Obtain a statement, make a note in your file that you are taking as collaterat a If you were to consider Cassandras income with the intended increase of 2%, what would you require in order to use for your file? O A new letter confirming her now income total Write a note on her conting letter that has been provided. Be sure to date and sign your name, Get her last two years NOAS and take the average Call her employer to confirmand verify the rise What information to you need to ensure that you payout all debt correctly? What if anything will you need to prepare? "Only payout letters are required O Payout Letters and Cut-up credit cards Confirmation of all balances of accounts being consolidated Payout letters, cut-up credit cards, and confirmed outstanding balances, Cut-up credit cards & As a lender, go through the information provided and determine if the clients qualify for their loan request. Jesian and Cassandra Hamilton have been married for 2 years. They are presently living in an older home and have come to you seeking financing so that they can renovate their kitchen in their home. Jesiah has priced out the renovation project and brought in some witten estimates. He estimates the cost of the renovation to be $27,500 Jesiah and Cassandra want to repay the loan over 5 years Jesih has taken a building construction course at NAIT is excited to use the skills he has learned The Hamilton's house is valued at $335,000. The mortgage was for $298. 150 with a 5-year term. amortized over 25 years at 359% Please Calculate the Monthly Mortgage Payment: Number (1 mark) They have made 35 payments on the mortgage. Please calculate the balance owing on the loan Number (1 mark) This branch approved the mortgage Taxes are $279 a month and heating is estimated at 5175. They currently have $7.000 in a joint savings account at the branch Neither of them contributes to an RRSP Josiah has clear title to some undeveloped property 80 miles west of Edmonton he inherited a few years ago. It is currently valued at $57.500. Eventually Josiah would like to build a cabin on the property but realize that this is a long term goal Josiah pays about 548 a month on the taxes. Cassandra also has recently received an expensive painting from her grandmother valued at $32,500 with a certificate of authenticity Jesiah, 29, has been working for RV World for 6 years. He grosses $104,350 annually as lead Heavy Duty Mechanic, much of this is overtime income Jesiah has provided his Notice of Assessments for his income verification as you has requested (ee attached) Cassandra, 25, is in her last year at the of A Cassandra works part-time at the U of A bookstore as a cashier she has provided a salary letter she grosses approximately $15.510 per year. Her manager informed her she was going to receive a 3% increase next month 20 months ago Jesih bought a Tundra for $44.500 and financed it with a loan (from a competitor) for $40,100 at 491% for 5 years compounded monthly What is the monthly truck payment? Number (1 mars What is the balance owing today for the truck? Number [1 mark) The current value of the Tundra is estimated to be 532 200 Equifax shows he has never missed a payment and confirm that there are 52 months remaining on the installment loan Ratings on their credit cards from Costco $2.000 credit. RBC VISA (54,000 credit limit) are they do however have a Capital One MasterCard with a R3 rating credit limit 1,500). They both the finer things in life, cards are continuously at the maximum credit limits. The do have a The Bay credit card reporting on their credit bureau with a limit of $1.500 but nothing is currently owing Jesiah recently received an inheritance in the amount of $59.000. Currently he has it invested in a GIC. Jestah does not want to access these funds at this time and would like the funds to remain as is. He is planning on using these funds in the future to build a cabin on his tand. Notice of Assement for detah Hamilton Tax year 2018 Line Description 150 Total Income Deductions from total income 236 Net Income Deductions from net income 260 Taxable income 350 Total federal non-refundable tax credits 6150 Total Alberta non-refundable tax credits 420 Net Federal Tax 421 CPP contributions, 435 Total Payable $ Amount $104,976 $14,382 $90,594 0 $90,594 $3,947 $2,751 0.00 4,207 60 4,207.50 437 Total Income Tax Deducted $28,718.3 482 3,175.62 minus Total DRI 1031.88 Total credits (Total payable credits). [Penalties... Arrears interest Balance Due assessment Balance due DR 0.00 DR 0.00 from this 0.00 DRI $1,381 DR Line Description 150 Total Income Deductions from total income 236 Net Income Deductions from net income 260 Taxable income 350 Total federal non-refundable tax credits 6150 Total Alberta non-refundable tax credits 420 Net Federal Tax CPP contributions 435 Total Payable $ Amount $121,877 $15,844 $106,033 0 $106,033 $3,896 $2,870 421 0.00 4,207 50 4,207.50 437 Total Income Tax Deducted $32,552 13 482 3.175.62 minus Total DR 1031.88 Total credits (Total payable credits) [Penalties Arrears interest Balance Due assessment Balance due.. DR 0.00 DR 0.00 from this 0.00 DR $1,736 DRI Cassandra's Income Confirmation Letter: Jackson Peters Human Resources Manager University of Alberta 116 Stand 85 Ave Edmonton, Alberta TOG 2R3 November 30, 2021 To Whom This May Concern, This letter is to confirm that Cassandras Hamilton is an employee of the University of Alberta Bookstore Cassandra has been working in a part-time position since September 15th 2020. Her annual salary is 15, $10 per annum if there are any questions or concerns, please feel free to call me at 780-452-3216 Thank you Jackson Peters (1 mark) Calculate Jesial's Monthly income Number Calculate Cassandra's Monthly Income assume she is paid equally each month of the year. Number (1 mark) Calculate their assets and liabilities (Do not leave any blank Enter applicable ASSETS VALUES Property Number (1 mark Bank Account Number (1 mark) Land Number (1 mark) Tundra Number (1 mark) Investments Number (1 mark Other Number (1 mark) Total Assets Number (1 mark) VALUES MINIMUM PAYMENT LIABILITIES Mortgage Number (1 mark) Number (1 mark) Loan Number (1 mark) Number (1 mark) Costco Mastercard Number (1 mark) Number (1 mark) RBC Visa Number (1 mark) Number (1 mark) Bay credit card Number (1 mark) Number (1 mark) Capital One Ord Number (mark Number (1 mark) Total abilities Number (1 mark) Calculate Net Worth from lender perspective Number it mark) Interviewing the current financial situation, you would recommend that the Hamiltons also consolidate their consumer debts along with their renovation request Calculate the consolidabontan at 5.8 for 5 years Monthly loan payment Number d marki Calculate Josiah and Cassandra's GOS: Number (1 mark Calculate Jesial and Cassandra's TDS Number mark Do you approve the loan?1 mark) No Yes You recommend to Sosiah and Cassandra that they consider using the investment asset as collateral to reduce the interest rate on their loan from by 2% Julia thinks this may be a good idea, calculate the loan payment at at this new rate. Number How does this change their TDS calculation? Number They agree to use the Investment asset as collateral. What documentation is required? Obtain a statement, verify the total, and secure collateral for the loan following your financial institution's processes Register a message on your computer system for the investment account that it is taken as collateral for this loan. O Recent statement of investment account Obtain a statement, make a note in your file that you are taking as collaterat a If you were to consider Cassandras income with the intended increase of 2%, what would you require in order to use for your file? O A new letter confirming her now income total Write a note on her conting letter that has been provided. Be sure to date and sign your name, Get her last two years NOAS and take the average Call her employer to confirmand verify the rise What information to you need to ensure that you payout all debt correctly? What if anything will you need to prepare? "Only payout letters are required O Payout Letters and Cut-up credit cards Confirmation of all balances of accounts being consolidated Payout letters, cut-up credit cards, and confirmed outstanding balances, Cut-up credit cards &