   Chapter 14.II, Problem 8RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Calculate the housing expense ratio and the total obligations ratio for the following mortgage applications. Monthly Monthly Other Monthly Housing Total Gross PITI Financial Expense Obligations Applicant Income Expense Obligations Ratio ( % ) Ratio ( % ) Forman $3,700$530 $360 Parker$2,000 $455$380 22.75 41.75

To determine

To calculate: The housing expense ratio and the total obligation ratio when the Monthly Gross income is $2000 and the monthly PITI expense is$455 and the other financial obligations is $380. Explanation Given Information: The Monthly Griss income is$2000 and the monthly PITI expense is $455 and the other financial obligations is$380.

Formula used:

The housing expense ratio is given as,

HousingExpensesRatio=MonthlyHousingExpensesMonthlyGrossIncome

The total obligations ratio is given as,

TotalObligationsratio=TotalMonthlyFinancialObligationsMonthlyGrossIncome

Calculation:

Consider the provided information is,

The Monthly Griss income is $2000 and the monthly PITI expense is$455 and the other financial obligations is \$380

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