The Phillips family has a joint gross monthly income of $11,300. The $499 lease payment for their car expires in four months. A

Question

3 years ago

5

The Phillips family has a joint gross monthly income of $11,300. The $499 lease payment for their car expires in four months. A

student loan that has been deferred will kick in at the end of the year, and payments will be $210 monthly. Joe Phillips pays child support for his children with his first wife in the amount of $2,200 per month, but $600 of that will drop off in four months when his oldest son turns 18. They are buying a new home with a loan that carries a $2,700 a month payment. What is their housing ratio

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1 answer:

Vladimir79 [104] · Answer 1 · 2022-10-18T14:36:22+03:00

Vladimir79 [104]3 years ago

8 0

Answer:

24%

Explanation:

Calculation to determine their housing ratio

Using this formula

Housing ratio= Housing expenses / Gross monthly income

Let plug in the formula

Housing ratio= $2,700/ $11,300

Housing ratio= 24%

Therefore their housing ratio is 24%