Total mortgage financing of $968 per month with a total monthly household income of $3457 results in a gross debt service ratio of 28 percent.

Name: Total mortgage financing of $968 per month with a total monthly household income of $3457 results in a gross debt service ratio of 28 percent.
Brand: Quizplus
Rating: 4.9 (60 reviews)

Question

Quizplus · Accepted Answer

To calculate the gross debt service ratio, you divide the total mortgage financing ($968) by the gross monthly household income ($3457) and multiply by 100. This gives us 28%. Therefore, the statement is true.

Total Mortgage Financing of $968 Per Month with a Total