9514 1404 393
Answer:
A. Luis is eligible for a home loan; he meets all of the requirements.
Step-by-step explanation:
Luis's monthly income is $91,500/12 = $7625. The loan payment as a percentage of this income is ...
$2100/$7625 ≈ 27.54%
This amount is less than 28%, so Luis qualifies according to the first criterion.
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The total of Luis's monthly debt payments with the loan will be ...
$2100 +370 +165 +45 = $2680
As a percentage of his monthly income, this is ...
$2680/$7625 = 35.15%
This amount is less than 36%, so Luis qualifies according to the second criterion.
Luis is eligible for a home loan; he meets all of the requirements.
