Question $16$

$2\mathrm{.}5pts$

Using the following to answer question $16$ and $17.$ Paul pays $$1,500$ on his mortgage and $$200$ property taxes every month. He also pays $$3,600$ on homeowners insurance every year. His before$-$tax annual income is $$80,000$ and tax rate is $25\%.$

What is his housing expense ratio?

$20\mathrm{.}2\%$

$24\mathrm{.}8\%$

$35\mathrm{.}7\%$

$40\mathrm{.}0\%$