Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Louise Gendron's monthly gross income is $4000. Her employer withholds $650 in general and provincial income taxes, $194.68 towards the Canada Pension Plan, and $52.67

Louise Gendron's monthly gross income is $4000. Her employer withholds $650 in general and provincial income taxes, $194.68 towards the Canada Pension Plan, and $52.67 for EI contributions. Louise contributes $100 per month to her RRSP. Her monthly credit payments for Visa and Mastercard are $75 and $65, respectively. Her monthly payment on an automobile loan is $425.

What is Louise's debt-payment-to-income ratio? (Round your answer to 2 decimal places. Omit "%" sign in your response.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

M: Finance

Authors: Marcia Cornett, Troy Adair, John Nofsinger

5th Edition

1260772357, 9781260772357

More Books

Students also viewed these Finance questions