Q: Suppose that your monthly net income is $2,480. Your monthly debt payments include your student loan…
A: The debt payment to income ratio shows the relationship between the monthly debt payments and the…
Q: Caridad borrowed $18,500 at 11% ordinary interest for 160 days. After 60 days, she made a partial…
A: Borrowed amount is $18,500 Ordinary interest rate is 11% for 160 days Partial payment made at…
Q: Louise's monthly gross income is $2,700. Her employer withholds $540 in federal, state, and local…
A: Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income.…
Q: You are a mortgage broker at Interamerican Bank. One of your clients, Bill Cramer, has submitted an…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Heather took out a loan for 7 months and was charged simple interest at an annual rate of 7.2%. The…
A: To calculate the loan amount we will use the below formula Loan amount = I/(r*t) Where I -…
Q: A borrower has a gross monthly income of $4,875, has a minimum credit card bill of $135, a car lease…
A: DTI stands for debt to income ratio. This ratio expresses the debt as a percentage of income. Higher…
Q: Reena took a loan of 1200 with simple interest for as many years as the rate of interest. If she…
A: Loan amount= 1200 Interest amount= 432 Rate of interest=?
Q: YVette purchased a car and she obtained a seven year term loan with an annual interest rate of 3.84%…
A: Time Period of loan = 7 years or 84 months Interest Rate = 3.84%/12 = 0.32% per month Balance due…
Q: The bank requires that the Dotkoms pay their homeowner's insurance, property taxes, and mortgage in…
A: The term mortgage refers to the loan taken from bank against which bank against some collateral…
Q: On January 1, 2009, Karina owed $11,981 to her friend Gregory, who was kind enough not to charge…
A: The question relates to a loan with 0% interest rate. In this case it is only the principal amount…
Q: Yusra has a term loan that she still owes $11,138.67. The annual interest rate on this loan is 4.22%…
A: A loan is a kind of financial obligation for a person who borrows the funds and a kind of source of…
Q: monthlytake- home pay is $3,320. Each month, she pays $380 for an auto loan, $120 on a personal line…
A: The question is based on the concept of debt safety ratio (DSR).DSR is the ratio indicates the…
Q: To assist in the preparation of the worksheet, Paloma and Anthony have collected the following…
A: Installment payments are the payments which are to be paid in regular intervals whether monthly…
Q: The McQuires pay a monthly mortgage payment of $1040. They also pay semi-annual property tax bill of…
A: In this question, We need to calculate PITI which refers to monthly payment made a by an individual…
Q: Carl’s house payment is $2,574 per month and his car payment is $871 per month. If Carl's take-home…
A: House Payment to income ratio is the ratio which calculates the amount spend from your monthly…
Q: yusra has a term loan that she still owes $13,560.36. The annual interest rate on this loan is…
A: An amortization schedule for a loan shows the breakdown of the payments into interest and principal…
Q: Ed and Marta are paid $2,460 after taxes every month. Monthly expenses include $834 on housing and…
A: Savings ratio shows the proportion/ratio of savings to the respective income.
Q: A caterer earns £1375 per month. How much income tax will she pay for the year?
A: Income tax is a type of policy legislative or regulatory on income made by organizations and…
Q: Ed and Marta are paid $4,130 after taxes every month. Monthly expenses include $1,397 on housing…
A: The monthly savings would be computed by deducting the monthly expenses from the monthly after-tax…
Q: Caridad borrowed $17,500 at 11% ordinary interest for 160 days. After 60 days, she made a partial…
A: The final amount is computed by adding the loan amount and interest due and then subtracting the…
Q: What is Sally's Gross Debt Service (GDS) ratio based on the information she has provided? Annual…
A: The question is related to Gross Debt Service (GDS) Ratio. This Ratio is calculated with the help of…
Q: Jake has total fixed monthly expenses of $1,300 and his gross monthly income is $3,900. What is his…
A: given, fixed monthly expenses = $1300 gross monthly income =$3900
Q: Sara borrows 35,000 at 12% for 9 months on a discounted loan. A. How much is the interest on the…
A: In a discounted loan, the borrower does not make any interest payments. He receives the loan at a…
Q: Gabriela has the following income for the quarter
A: As per the provisions of Burau of Internal Revenue , Phillipines , quarterly…
Q: Ed and Marta are paid $2,440 after taxes every month. Monthly expenses include $860 on housing and…
A: Savings ratio shows the proportion/ratio of savings to the respective income.
Q: Abby also has a $400/month car loan payment and a $150/month student loan payment. If her lender…
A: The portion of monthly income that goes into paying the loan installments is known debt-to-income…
Q: Jasmine is making quarterly contributions of of $440 to her savings account which pays interest at…
A:
Q: Kevin Mills has a monthly take-home pay of $3,315; he makes payments of $430 a month on his…
A: Following is the answer to the given question
Q: Ted Phillips has monthly take-home pay of $1,200; he makes payments of $450 a month on his…
A: Debt to income ratio is a personal finance measure which compares individual's monthly debt payments…
Q: Diana Wade is evaluating her debt safety ratio. Her monthly take-home pay is $3,320. Each month, she…
A: Monthly take-home pay = $3,320 Auto loan = $380 Personal Credit = $120 Department Store Charge = $60…
Q: Louise Mclntyre's monthly gross income is $3,100. Her employer withholds $780 in federal, state, and…
A: Given the following information: Gross income: $3,100 Employer withholds $780 in federal, state,…
Q: Carlos earns a gross income of $5,580 per month and applies for a mortgage with a monthly PITI of…
A: The economic ability of the borrower can be ascertained from lenders using various ratios. The house…
Q: Carlos earns a gross income of $5,680 per month and applies for a mortgage with a monthly PITI of…
A: Given: Carlos earns a gross income of $5,680 per month and applies for a mortgage with a monthly…
Q: Lori earns $3,898 per month. She has a monthly rent payment of $980 along with average credit card…
A: Car payment refers to the amount which is paid to financial institution or car dealer that has…
Q: The annual insurance premium on Maria's home is $1,958 and the annual property tax is $1,432. If her…
A: Annual insurance premium =$1958Annual property tax =$1432Total insurance and property…
Q: Lucy took out a $24,000 loan for 1 month and was charged simple interest. The total interest she…
A: Loan Amount is $24,000 Time period is 1 month Total simple interest paid is $118 To Find: Annual…
Q: Conchita Martinez will have a monthly interest and principal payment of $1,867.96. Her monthly real…
A: Housing Ratio = [ Total Housing expense / Pre tax income ] * 100 Where total housing expense will…
Q: Jamie borrowed $900 from the Essex District Credit Union. The loan agreement provided for repayment…
A: As per the loan agreement repayment of the loan is to be paid in four equal monthly installments…
Q: What is Sally's Gross Debt Service (GDS) ratio based on the information she has provided? Annual…
A: Gross Debt Service Ratio: Gross debt service ratio establish the relationship between the total…
Q: Carol borrowed $5,200 and signed a straight note with an interest rate of 7% per annum. If she paid…
A: A straight promissory note can be defined as that note which does not require periodic payments over…
Q: Conchita Martinez will have a monthly interest and principal payment of $1,846.74. Her monthly real…
A: Housing ratio = [ Total Housing expense / Pre tax income ] * 100 Where Total Housing expense…
Q: Jake has total fixed monthly expenses of $1,320 and his gross monthly income is $3,950. What is his…
A: Debt to income ratio is calculated by dividing monthly debt by the gross monthly income.
Q: Amy earns $5,891 per month. She pays a monthly mortgage of $1,230, a monthly car payment of $195,…
A: Back-End DTI (debt to income) ratio shows the proportion of total debt of an individual in…
Q: Sun Jung finances a sofa for $1,125 by taking out an installment loan for 60 months. The payments…
A: Computation:
Q: Ted Phillips has monthly take-home pay of $1,685; he makes payments of $410 a month on his…
A: Credit is an integral part of daily life. Credit payment occurs when the individual or the…
Q: Chapter 6 Practice Problem #2
A: With the given values, we can determine the ratio of debt payments to income using the steps below:
Q: Deon borrowed money from a credit union for 2 years and was charged simple interest at an annual…
A: given information total interest paid = $144 annual interest rate = 8% credit union = 2 years
Q: interest will she pay when she repays her loan on June 15? 2. What is the total amount
A: A loan amount refers to the amount which a person should borrow from the bank or financial…
Q: Mike and Mary Jane Lee have a yearly income of $83,047 and own a house worth $122,400, two cars…
A: Debt Ratio: Individual debt ratio is the relationship between the total liabilities and the total…
Jacque's total monthly loan payments are 1020 while her gross income is 3939 per month. What is her debt service ratio?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Mike and Teresa have a monthly gross income of $6,167, but they pay $502 per month in taxes. They also pay $2,974 per month in various loan payments. What is their debt service ratio? (Keep 2 decimal places)Louise Mclntyre's monthly gross income is $3,100. Her employer withholds $780 in federal, state, and local income taxes and $330 in Social Security taxes per month. Louise contributes $180 each month for her IRA. Her monthly credit payments for VISA and MasterCard are $105 and $100, respectively. Her monthly payment on an automobile loan is $335. a. What is Louise's debt payments-to-income ratio?Carlos earns a gross income of $5,580 per month and applies for a mortgage with a monthly PITI of $1,227.60. Carlos has other financial obligations totaling $887.22 per month. If the lending ratio guidelines are as given in the table below.
- Chris and Karen have a combined take-home income of $5,000. Their total monthly payments on consumer debt are $875. What is their debt safety ratio? Are they exhibiting any sign of approaching credit problems?Louise's monthly gross income is $2, 300. Her employer withholds $460 in federal, state, and local income taxes and $184 in Social Security taxes per month. Louise contributes $92 per month for her IRA. Her monthly credit payments for Visa, MasterCard, and Discover cards are $43, $33, and $20, respectively. Her monthly payment on an automobile loan is $353. What is Louise's debt payments to income ratio?Ted Phillips has monthly take-home pay of $1,685; he makes payments of $410 a month on his outstanding consumer credit (excluding the mortgage on his home). How would you characterize Ted’s debt burden? What if his take-home pay were $850 a month and he had monthly credit payments of$150?
- Katherine Hunt is evaluating her debt safety ratio. Her monthly take-home pay is $3,160. Each month, she pays $350 for an auto loan, $90 on a personal line of credit, $80 on a department store charge card, and $105 on her bank credit card. Complete Worksheet 6.1 by listing Katherine's outstanding debts, and then calculate her debt safety ratio. Round the answer to 1 decimal place. Enter debt safety ratio as a percentage. % Given her current take-home pay, what is the maximum amount of monthly debt payments that Katherine can have if she wants her debt safety ratio to be 12.5 percent? Round the answer to the nearest dollar. $ Given her current monthly debt payment load, what would Katherine's take-home pay have to be if she wanted a 12.5 percent debt safety ratio? Round the answer to the nearest dollar. $Natalia has a monthly net income of $1,400. She has a house payment of $600 per month, a car loan with payments of $300 per month, a Visa card with payments of $60 per month, and a credit card with a local department store with payments of $32 per month. What is Natalia’s debt payment-to-income ratio? Is she within range of what experts suggest you spend on consumer credit payments?Chloe Young is evaluating her debt safety ratio. Her monthly take-home pay is $3,320. Each month, she pays $380 for an auto loan, $120 ona personal line of credit, $60 on a department store charge card, and $85 on her bank credit card. Complete Worksheet 6.1 by listing Chloe’s outstanding debts, and then calculate her debt safety ratio. Given her current take-home pay, what is the maximum amount of monthly debtpayments that Chloe can have if she wants her debt safety ratio to be 12.5 percent? Given her current monthly debt payment load, what would Chloe’s take-home pay have to be if she wanted a 12.5 percent debt safety ratio?
- Alyssa Clark is evaluating her debt safety ratio. Her monthlytake- home pay is $3,320. Each month, she pays $380 for an auto loan, $120 on a personal line of credit, $60 on a department store charge card, and $85 on her bank credit card. Complete Worksheet 6.1 by listing Alyssa’s outstanding debts, and then calculate her debt safety ratio. Given her current take-home pay, what is the maximum amount of monthly debt payments that Alyssa can have if she wants her debt safety ratio to be 12.5 percent? Given her current monthly debt payment load, what would Alyssa’s take-home pay have to be if she wanted a 12.5 percent debt safety ratio?Kevin Mills has a monthly take-home pay of $3,315; he makes payments of $430 a month on his outstanding consumer credit (excluding the mortgage on his home). How would you characterize Kevin's debt burden? Assume that the debt safety ratio below 10% is considered low, below 15% - manageable, and the maximum acceptable debt safety ratio is 20%.Amy earns $5,891 per month. She pays a monthly mortgage of $1,230, a monthly car payment of $195, and a student loan payment of $210 per month. She would like to apply for a credit card but needs to keep her back- end DTI at 40% maximum. What would her maximum monthly credit payment need to be?