Answer:
70%
Explanation:
From part A, we know these values:
monthly gross income:
= $12,634.33
monthly property taxes:
= $511.67
monthly insurance payment:
= $132.50
Add the monthly housing expenses to other monthly expenses to find the total monthly expenses:
1,965 + 511.67 + 132.50 + 400 + 4,800 + 1,000 = 8,809.17
back-end ratio =
=
≈ 0.70
= 70%