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1.calculate the net worth using the following financial data:

bank account = $1,100

house = $210,000

mortgage = $180,000

monthly mortgage payment = $1,400

GIC = $5,000

credit card debt outstanding = $650

monthly income = $5,500

personal belongings = $15,000

A.$50,450

B.$49,350

C.$54,850

D.$55,150

2.

Use the following information to calculate the taxable income:

employment income $32,000; tuition fees $4,000; basic personal amount $7,412, union dues $150; Interest income $1,000. What is the taxable income?

Question options:

A.$33,000 B.$32,550 C.$32,850 D.$25,138

3.

Rita purchased 100 shares of BCE for $2,500. She recently sold them for $3,000. She paid a commission of $60. What is her taxable gain?

Question options: A.$220 B.$250 C.$500 D.$400

4.

If the maximum Gross debt to service ratio (GDS) is 30% how much total mortgage can the Smith's qualify for assuming 25 year amortization and using a mortgage rate of 3%. The annual property taxes are $3,600, monthly loan payments are $400 and gross annual income is $80,000? (Assume semi-annual compounding (c/y = 2) and monthly payments (p/y = 12) ).

Question options: A.$350,222 B.$355,222 C,$359,222 D.$360,222

5.

If the total debt to service ratio (TDS) is 40% how much total mortgage can the Jone's qualify for given their gross annual income of $70,000, monthly property taxes of $400, car loan of $750 per month and fixed credit card payments of $300 per month? Assume 25 year amortization and a 2.5% mortgage rate, semi-annual compounding (c/y=2) and monthly payments (p/y=12)

Question options:

A.$197,187 B.$209,509 C.$217,509 D.$219,511

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