Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman

تمرين 70

Phil Armstrong earns a gross income of $5,355 per month. He has submitted an application for a fixed-rate mortgage with a monthly PITI of $1,492. Phil has other financial obligations totaling $625 per month.
a. What is his housing expense ratio
b. What is his total obligations ratio
c. According to the Lending Ratio Guidelines on page 468, for what type of mortgage would Phil qualify, if any