Question

Your debt-payments ratio is 0.2, your gross pay is $2,800 per month and your take-home pay is $2,400 per month. What are your monthly debt payments

Answer 1

If Your debt-payments ratio is 0.2. Your monthly debt payments is; $480.

Monthly debt payment

Using this formula

Monthly debt payment = Debt-payment ratio ×Take home pay

Let plug in the formula

Monthly debt payment = 0.20 × $2,400

Monthly debt payment = $480

Therefore Your monthly debt payments is; $480.

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