Jacque's total monthly loan payments are $1,020 while her gross income is $3,000 per month.What is her debt service ratio?
A)34%
B)43%
C)50%
D)75%
E)82%

Name: Jacque's total monthly loan payments are $1,020 while her gross income is $3,000 per month.What is her debt service ratio? A)34% B)43% C)50% D)75% E)82%
Brand: Quizplus
Rating: 4.9 (32 reviews)

Question

Quizplus · Accepted Answer

The debt service ratio is calculated by dividing total monthly loan payments by gross monthly income. So, $1,020 / $3,000 = 0.34 or 34%.

Jacque's Total Monthly Loan Payments Are $1,020 While Her Gross