Bessie has an annual salary of $51,360. each month she has a car payment of $210 and a student loan of $50. if she applies for a home loan, how likely is it bessie will be approved based on her debt-to-income ratio? a. very likely; recurring debt is less than what is allowed. b. somewhat likely; recurring debt is equal to what is allowed. c. not likely; recurring debt is higher than what is allowed. d. there is not enough information given to determine the answer.

Question

06-05-2022
Mathematics

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Bessie has an annual salary of $51,360. each month she has a car payment of $210 and a student loan of $50. if she applies for a home loan, how likely is it bessie will be approved based on her debt-to-income ratio? a. very likely; recurring debt is less than what is allowed. b. somewhat likely; recurring debt is equal to what is allowed. c. not likely; recurring debt is higher than what is allowed. d. there is not enough information given to determine the answer.

Sagot :

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jayilych4real jayilych4real · Answer 1 · 2022-05-09T07:21:35-04:00

The rate of approval for Bessie is a. Very likely; recurring debt is less than what is allowed.

What is a Debt?

This refers to the amount owed to a person based on a principal collected for an asset to be repaid at a given date.

Hence, we can see that using the debt-to-income ratio to calculate Bessie's credit worthiness, the company would find out that her debts and percentage income are minute, hence her recurring debts are less than what is required.

Sagot :

What is a Debt?

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