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The McMillian family has a gross yearly income of 80,000. They make mortgage payments of $1,400 a month and have yearly property taxes of $3,200.
The McMillian family has a gross yearly income of 80,000. They make mortgage payments of $1,400 a month and have yearly property taxes of $3,200. They also pay $400 a month on a car loan and $200 a month for student loans.
What is their approximate Gross Debt Service (GDS) Ratio?
a. 21% b. 25% c. 28% d. 31% e. 34%
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