Question

You have an annual salary of $82,338. your monthly expenses include a $1,153 mortgage payment, a $380 car lease payment, 131 in minimum credit card payments, and a $171 payment on your student loan. Calculate your DTI (debt-to-income) ratio as a PERCENTAGE (no % symbol needed).

Answer 1

Annual sy = $82,338

monthly expenses = $1153 + $380 +$131 + $171 = $1835

But for annual expenses = 12 x 1835 = 22,020

`\begin{gathered} \frac{Ratio\text{ of dept}}{\text{Annual Salary}}\text{ = }(22,020)/(82,338)\text{ = }(11,010)/(41169)=(3670)/(13723) \\ \end{gathered}`

3853 + $380 +$131 + $171 = $1

monthly salary = $1,1

Salary = $82,3