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Given Sam’s gross household income is $6,917 monthly and mortgage payments are $1,650, property taxes of $200, heating costs $120, strata fees of $300, a car lease of $441 and RRSP contributions of $400. What is the gross debt service ratio?
30.6%
37.0%
42.8%
32.8%
Which of the following is not true regarding life insurance coverage?
1Mortgage life insurance’s death benefit is paid to the mortgage lender
2Universal life insurance distributes dividends to insured if there is an excess of premium
3Whole life insurance has fixed premiums
4Term-to-100 insurance usually does not build up cash value
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