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Given the information below, what are the debt-to-income ratio and front ratio, respectively Monthly expenses: Mongage (including all housing costs) = $2,009 Student loan= $289 Minimum credit card payments = 5232 Home equity loan = $212 Monthly income: Salary = $4,619 Bonus = 5750 Side business = $1,050 Dividends interest = $20041 4% and 352%41.4% and 30.4%39.6% and 30.4%39.6% and 352%None of these choices are correct

Given the information below what are the debttoincome ratio and front ratio respectively Monthly expenses Mongage including all housing costs 2009 Student loan class=

Respuesta :

The total income is $6619.

The total expenses per month are $2742.

Hence the debt to income ratio is:

[tex]\frac{2742}{6619}\cdot100=41.4[/tex]

The front ratio is the housing payment divided by monthly income, then we have:

[tex]\frac{2009}{6619}\cdot100=30.4[/tex]

Therefore the debt to income ratio is 41.4% and the front ratio is 30.4%.