Answered

Get the answers you need at Westonci.ca, where our expert community is always ready to help with accurate information. Experience the ease of finding reliable answers to your questions from a vast community of knowledgeable experts. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

You have an annual salary of $47,334. Your monthly expenses include a $1,115 mortgage payment, a $336 car lease payment, $112 in minimum credit card payments, and a $108 payment on your student loan. Calculate your DTI (debt-to-income) ratio as a PERCENTAGE (no % symbol needed).

Sagot :

Answer:

DTI ratio in percentage = 42.36

Step-by-step explanation:

Annual salary = $47334

This means that gross monthly pay = 47334/12 = $3944.5

Now,

Total monthly debt payments = 1115 + 336 + 112 + 108 = $1671

Debt to income ratio = (1671/3944.5) × 100% = 42.36%

Since we are told not to put the % symbol, then answer is 42.36

We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.