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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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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

To determine

To calculate: The housing expense ratio and the total obligation ratio when the monthly gross income is $3700 and the monthly PITI expense is $530 and the other financial obligations is $360.

Explanation

Given Information:

The monthly gross income is $3700 and the monthly PITI expense is $530 and the other financial obligations is $360.

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 gross income is $3700 and the monthly PITI expense is $530 and the other financial obligations is $360

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