Phil Armstrong earns a gross income of $5,355 per month. He has submitted an application for a fixed-rate mortgage with a monthly PITI of $1,492. Phil has other financial obligations totaling $625 per month.
a. What is his housing expense ratio?
b. What is his total obligations ratio?
c. According to the Lending Ratio Guidelines on page 468, for what type of mortgage would Phil qualify, if any?
Statistics for The Behavioral Sciences (MindTap Course List)
Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach
Calculus: Early Transcendentals
Mathematical Excursions (MindTap Course List)
Elementary Geometry For College Students, 7e
Single Variable Calculus
Essentials Of Statistics
Calculus: Early Transcendental Functions
Essentials of Statistics for The Behavioral Sciences (MindTap Course List)
Calculus: An Applied Approach (MindTap Course List)
Elementary Technical Mathematics
Single Variable Calculus: Early Transcendentals, Volume I
Calculus (MindTap Course List)
Understanding Basic Statistics
Finite Mathematics
Intermediate Algebra
Probability and Statistics for Engineering and the Sciences
Precalculus: Mathematics for Calculus (Standalone Book)
Mathematical Applications for the Management, Life, and Social Sciences
Finite Mathematics and Applied Calculus (MindTap Course List)
Multivariable Calculus
Calculus: Early Transcendental Functions (MindTap Course List)
Calculus of a Single Variable
Elements Of Modern Algebra
Trigonometry (MindTap Course List)
Single Variable Calculus: Early Transcendentals
Study Guide for Stewart's Multivariable Calculus, 8th
Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th
Finite Mathematics for the Managerial, Life, and Social Sciences
Elementary Geometry for College Students
Multivariable Calculus
Statistics for Business & Economics, Revised (MindTap Course List)
Calculus (MindTap Course List)
Research Methods for the Behavioral Sciences (MindTap Course List)
Mathematics: A Practical Odyssey
Introduction To Statistics And Data Analysis
Research Methods for the Behavioral Sciences (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
College Algebra (MindTap Course List)
Mathematics For Machine Technology
Essentials Of Statistics For Business & Economics
A First Course in Differential Equations with Modeling Applications (MindTap Course List)
Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
College Algebra
Calculus Volume 2
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
Discrete Mathematics With Applications