Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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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?
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