Question

You have an annual salary of $47,334. Your monthly expenses include a $1,115 mortgage payment, a $336 car lease payment, $112 in minimum credit card payments, and a $108 payment on your student loan. Calculate your DTI (debt-to-income) ratio as a PERCENTAGE (no % symbol needed).

Answer 1

DTI ratio in percentage = 42.36

Explanation:

Annual salary = $47334

This means that gross monthly pay = 47334/12 = $3944.5

Now,

Total monthly debt payments = 1115 + 336 + 112 + 108 = $1671

Debt to income ratio = (1671/3944.5) × 100% = 42.36%

Since we are told not to put the % symbol, then answer is 42.36