Gina would like to apply for a loan, but knows that her current debt-to-income (dti) ratio will keep her from being approved. her current monthly debt includes a rent payment of $950.00, a car payment of $238.00, a student loan payment of $149.00, and two credit cards with a combined minimum monthly payment of $78.00. the bank requires a dti of 36% in order to approve gina? s loan application. what would gina's gross monthly income need to be to get approved for the loan? a. at least $2,855.56 b. at least $2,638.89 c. at least $3,713.89 d. at least $3,930.56
D. at least 3,930.56
To find this answer I added the amount of money she owed resulting in $1415. I then took the money she owed and divided it by the DTI percentage.
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at least $3,930.56
Given that her gross monthly income is $2,900.
Her expenses are given as follows:-
#Rent payment = $800.
#Car payment = $230.
#Student loan payment = $175.
#Credit card payment = $160.
Total expenses = $800 + $230 + $175 + $160 = $1,365.
Let's assume she need '$x' as minimum additonal monthly income to get DTI < 36%.
So, her debt = $1,365 and her income = $(2,900+x).
Debt-to-Income ratio would be 1365/(2900+x).
Hence, Cindy needs $891.67 as an additional gross monthly income to get DTI < 36%.
of course, he should.
The answer is:
The correct answer is "visit a loan officer at a financial institution and complete an application".
To apply for a loan, it is convenient to visit a loan officer at a financial institution and complete an application to be able to withdraw the money. Personal counseling is the best way to get accurate information about the advantages and disadvantages of applying for a loan. This way a better decision is made.
Have a nice day!
good luck on your tests guys.
hope this helps.:D
rent payments = 1,100
car payments = 178
card payments = 220
total debts: 1,100 + 178 + 220 = 1,498
gross monthly income: 3,600
dti = 36%
dti = 1,498/3,600 = 0.416 or 41.6%
36% x 3,600 = 1,296 this is the should be amount of the total debt.
1,296 - 178 - 220 = 898
$898 is the maximum monthly rent payment Joey can make and still maintain a dti ratio of 36%.