Carl’s house payment is $1,100 per month and his car payment is $466 per month. If Carl's take-home pay is $2,950 per month, what percentage does Carl spend on his home and car? Loan payments-to-income ratio 53.12 %

Carl’s house payment is $1,100 per month and his car payment is $466 per month. If Carl's take-home pay is $2,950 per month, what percentage does Carl spend on his home and car? Loan payments-to-income ratio 53.12 %

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter16: Mastering Financial Management

Section: Chapter Questions

Problem 3DQ

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Question

Carl’s house payment is $1,100 per month and his car payment is $466 per month. If Carl's take-home pay is $2,950 per month, what percentage does Carl spend on his home and car?

Loan payments-to-income ratio

53.12

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