An individual earns $75,000 annually. Monthly rent is $2,200, and 20% of monthly cash income is spent on utilities, groceries, and transportation. To pay off a credit card in six months, the client agrees to monthly payments of $1,650. What is the monthly debt-to-income ratio?

An individual earns $75,000 annually. Monthly rent is $2,200, and 20% of monthly cash income is spent on utilities, groceries, and transportation. To pay off a credit card in six months, the client agrees to monthly payments of $1,650. What is the monthly debt-to-income ratio?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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