Tom and Gwen have an adjusted gross income of $159,294. Their monthly mortgage payment for the house they want would be $1269. Their annual property taxes would be $8730, and the semi-annual home owner's insurance would be $738. They have a monthly car payment of $485 and their credit card monthly payment would be $1028. What would be their debt-to-income ratio? Would they be approved for the loan?

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Tom and Gwen have an adjusted gross income of
$159,294. Their monthly mortgage payment for the
house they want would be $1269. Their annual
property taxes would be $8730, and the semi-annual
home owner's insurance would be $738. They have a
monthly car payment of $485 and their credit card
monthly payment would be $1028. What would be
their debt-to-income ratio? Would they be approved
for the loan?
Transcribed Image Text:Tom and Gwen have an adjusted gross income of $159,294. Their monthly mortgage payment for the house they want would be $1269. Their annual property taxes would be $8730, and the semi-annual home owner's insurance would be $738. They have a monthly car payment of $485 and their credit card monthly payment would be $1028. What would be their debt-to-income ratio? Would they be approved for the loan?
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