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MathematicsMathematics
5 January, 11:46

Johnny's monthly expenses and income are listed below. Calculate Johnny's debt-to-income (DTI) ratio.

Johnny's Monthly Debt and Income Housing:

Rent $950.00 Renter's Insurance $25.00

Credit: Student $250.00 Car $239.00 Credit Card #1 $25.00 (minimum) Credit Card #2 $40.00 (minimum)

Income: Sales Rep $4,400.00 Tutoring $600.00

a. 28%

b. 33%

c. 31%

d. 35

+5
Answers (1)
  1. 5 January, 13:57
    0
    Johnny's Debt = $950+$25+$250+$239+$25+$40

    Johnny's Debt = $1529

    Johhny's income = $4400 + $600

    Johnny's income = $5000

    $1529/$5000 = 0.3058 * 100 = 30.58% = 31%

    c. 31%
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Home » Mathematics » Johnny's monthly expenses and income are listed below. Calculate Johnny's debt-to-income (DTI) ratio. Johnny's Monthly Debt and Income Housing: Rent $950.00 Renter's Insurance $25.00 Credit: Student $250.00 Car $239.00 Credit Card #1 $25.
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