Jake has total fixed monthly expenses of $1,320 and his gross monthly income is $3,950. What is his debt-to-income ratio? How does his ratio compare to the desire ratio? Debt-to-income ratio =% (Round to the nearest integer as needed.)

Jake has total fixed monthly expenses of $1,320 and his gross monthly income is $3,950. What is his debt-to-income ratio? How does his ratio compare to the desire ratio? Debt-to-income ratio =% (Round to the nearest integer as needed.)

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter4: Gross Income

Section: Chapter Questions

Problem 1BCRQ

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Question

Jake has total fixed monthly expenses of $1,320 and his gross monthly income is $3,950. What is his debt-to-income ratio? How does his ratio compare to the desired
ratio?
Debt-to-income ratio = % (Round to the nearest integer as needed.)
Jake's ratio is
V the maximum percentage.

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