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3. Given: Applicant's monthly gross income is $2,500. The following are all monthly expenses. $800 250 90 1. Mortgage payment 2. Car payment 3. Property

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3. Given: Applicant's monthly gross income is $2,500. The following are all monthly expenses. $800 250 90 1. Mortgage payment 2. Car payment 3. Property taxes 4. Mortgage insurance 5. Electric bill 6. Telephone bill The applicant is trying to qualify for a mortgage. The lender is using ratios of 28% and 36%. Show the calculation that the buyer qualifies by: a. the mortgage debt ratio only. the total debt ratio only c. both the mortgage and total debt ratios d. neither ratio b. 25 00

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