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Milton Cook�s monthly take home pay is $3250. He has a $800 mortgage payment, $100 car payment, $400 student loan payment, and credit card payments in the amount of $35. Calculate his debt-to-income ratio.
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Milton Cook�s monthly take home pay is $3250. He has a $800 mortgage payment, $100 car payment, $400 student loan payment, and credit card payments in the amount of $35. Calculate his debt-to-income ratio.

A. 1%
B. 4%
C. 37%
D. 41%

User Dennis C
by
8.3k points

1 Answer

6 votes
Hi there

Debt to income ratio is
((800+100+400+35)÷3,250)×100
=41%

Hope it helps
User Arismendy
by
8.5k points
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