Question
PLEASE HELPPPPPPPPP 1.Ann earns $3,750 a month but wants to rent an apartment for $2,100 each month. What would her front-end DTI be? Is this
PLEASE HELPPPPPPPPP
1.Ann earns $3,750 a month but wants to rent an apartment for $2,100 each month. What would her front-end DTI be? Is this realistic? Why or why not?
2. Harriet earns $7,000 per month. She pays $900 in rent; she pays $310 each month for her car loan; she pays $205 each month for her student loans. What would her maximum credit card payment be so that her back-end DTI ratio would not exceed 40%?
3.Jerry earns $2,800 per month. He has a mortgage payment of $1,200 a month. His credit card bills are $250 per month, and his student loan payment is $150. Toyota will finance him a car if his back-end DTI ratio does not exceed 40%. What would his maximum car payment be for this to happen? Is this even possible? Explain.
4. Laura has graduated from college. She wants to rent an apartment for $600 per month. She already has a student loan payment of $220. She knows her credit card bills will average $200 per month. How much does she need to earn per month so that her back-end DTI ratio does not exceed 39%?
5. Mary earns $4,140 per month. She has a monthly rent payment of $1,100 along with average credit card payments of $325 and student loan payments of $300. She wants to finance a car but needs to determine her maximum car payment to keep her back-end DTI at 39%. What would be the maximum that car payment could be?
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