Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 (2 points) Katie and Tom are planning on having a family, and our looking to buy a house in Tallahassee, FL. They have

image text in transcribed

Question 2 (2 points) Katie and Tom are planning on having a family, and our looking to buy a house in Tallahassee, FL. They have been living with Katie's mom in the mean time, rent free, but need more space. Tom currently works as an assistant manager, getting paid a salary of $39500 a year. While Katie works as a tutor at the local school part time 40 hours a month at $16/hr. They recently just bought a mini-van which they make monthly payments on of $405. When Tom was out of work they worked up credit card debt of $16,000, which they pay monthly payments of $590. Tom still pays 6% of his monthly income to his first wife for alimony payments. The monthly housing expense on the home they found is $1430 (PITI Principal, Interest, Taxes, and Insurance). Calculate their total debt ratio? (PUT YOUR ANSWER AS A WHOLE PERCENTAGE, SO 0.64 WOULD BE 64) Your Answer: Answer Question 2 (2 points) Katie and Tom are planning on having a family, and our looking to buy a house in Tallahassee, FL. They have been living with Katie's mom in the mean time, rent free, but need more space. Tom currently works as an assistant manager, getting paid a salary of $39500 a year. While Katie works as a tutor at the local school part time 40 hours a month at $16/hr. They recently just bought a mini-van which they make monthly payments on of $405. When Tom was out of work they worked up credit card debt of $16,000, which they pay monthly payments of $590. Tom still pays 6% of his monthly income to his first wife for alimony payments. The monthly housing expense on the home they found is $1430 (PITI Principal, Interest, Taxes, and Insurance). Calculate their total debt ratio? (PUT YOUR ANSWER AS A WHOLE PERCENTAGE, SO 0.64 WOULD BE 64) Your

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

Smart Money Concept Forex Trading Guide

Authors: Mark K. White

1st Edition

979-8358276383

More Books

Students also viewed these Finance questions

Question

What are the distinctive competencies illustrated by Ulukaya?

Answered: 1 week ago

Question

Is there still a role for workers in automated logistics systems?

Answered: 1 week ago

Question

???? Identify problems posed by a large public debt

Answered: 1 week ago