Question

Find Mack's debt-to-income ratio if his monthly expenses are $2850 and his monthly salary is $4000

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Answer 1

$1,120

Explanation:

Lenders prefer to see a debt-to-income ratio smaller than 36%, with no more than 28% of that debt going towards servicing your mortgage. 12 For example, assume your gross income is $4,000 per month. The maximum amount for monthly mortgage-related payments at 28% would be $1,120 ($4,000 x 0.28 = $1,120).