Question

Need help asap

the garcia family has a monthly car loan payment of $400, and their average monthly credit card bill is $4,800. mr. garcia
is also paying $1,000 per month to support his elderly parents. compute the back-end ratio to the nearest percentage.
type the correct answer in the box. use numerals instead of words.

Answer 1

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%

Answer 2

70%

Explanation: