You want to borrow $91,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,750, but no
1 answer:
You might be interested in
Answer: The debt payments-to-income ratio is: calculated by dividing monthly debt payments (excluding mortgage payments) by net monthly income.
This ratio is a measure that analyze an person’s monthly debt payment in accordance with his/her monthly income.
The gross income is the pay before taxes and other variables are deducted.
<em>i.e. </em><em>debt payments-to-income ratio = </em>
<em>Therefore, the correct option is (b)</em>