BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Solutions

Chapter
Section
BuyFindarrow_forward

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

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Math Solutions

Find more solutions based on key concepts

Show solutions add

In Problem 24-26, find the intercepts and graph. 26.

Mathematical Applications for the Management, Life, and Social Sciences

Find, correct to five decimal places, the length of the side labeled x. 35.

Single Variable Calculus: Early Transcendentals, Volume I

Find each product: (32.6mnp2)(11.4m2n)

Elementary Technical Mathematics

Yield of an Apple Orchard An apple orchard has an average yield of 36 bushels of apples per tree if tree densit...

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Differentiate. f(t)=t3t3

Single Variable Calculus: Early Transcendentals

The area of the parallelogram at the right is: 26

Study Guide for Stewart's Multivariable Calculus, 8th

True or False: If f(x) is continuous and decreasing, f(n) = an for all n = 1, 2, 3, …, and

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th