Tim's monthly gross income is $2,900. He is buying a house that requires a $660 monthly payment. Property taxes would be $120 per month and insurance premiums of $45 per month. What is Tim's mortgage debt service ratio?

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Mortgage debt service ratio = (Monthly housing payment + Property taxes + Insurance premiums) / Monthly gross income= ($660 + $120 + $45) / $2,900= $825 / $2,900= 0.2845= 28.45%

Tim's Monthly Gross Income Is $2,900