Bob would like to get his debt-to-income (DTI) ratio down to 36%. His current monthly expenses are outlined in the chart below. He would like to lower his DTI by paying off some of his credit card debt, lowering his combined minimum monthly credit card payment. What would Bob's minimum monthly credit card payment need to be in order to reach his DTI goal of 36%? Bob's Monthly Debt and Income Housing: Mortgage $1,250. 00 (including mortgage insurance and property taxes) Credit: Auto Loan $349. 00 Credit Cards (combined) $348. 00(minimum) Income: Manager $4,800. 00 Interest $130. 00 a. $175. 80 b. $129. 00 c. $228. 00 d. $274. 80.

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27-01-2022
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Bob would like to get his debt-to-income (DTI) ratio down to 36%. His current monthly expenses are outlined in the chart below. He would like to lower his DTI by paying off some of his credit card debt, lowering his combined minimum monthly credit card payment. What would Bob's minimum monthly credit card payment need to be in order to reach his DTI goal of 36%? Bob's Monthly Debt and Income Housing: Mortgage $1,250. 00 (including mortgage insurance and property taxes) Credit: Auto Loan $349. 00 Credit Cards (combined) $348. 00(minimum) Income: Manager $4,800. 00 Interest $130. 00 a. $175. 80 b. $129. 00 c. $228. 00 d. $274. 80.

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divyamadaan8054 divyamadaan8054 · Answer 1 · 2022-02-03T11:45:38+01:00

A debt-to-income ratio is generally considered as the percentage of gross income of a particular person. A low debt-to-income ration generally defined that people have sufficient income relative to debt servicing.

What would Bob's minimum monthly credit card payment?

The correct option is A.

In order to calculate the debt-to-income ratio, we have to add all the expenses that are paid on monthly basis like loan, credit cards and interest.

In order to know about the minimum credit payments, the percentage of DTI is divided by respective amounts.

Therefore, Bob's minimum monthly credit card payment would be $175.80.

Learn more about ratio, refer to the link:

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