You work for a lending institution and are tasked with whether or not to approve a home loan, using the standard 28/36 ratio. the loan application is for $230,000. you see that the applicant has an annual salary of $83,000. the applicant also has a car payment of $315, a student loan of $140 and a boat loan of $96. how likely are you to approve the loan? a. very likely; recurring debt is considerably less than what is allowed. b. somewhat likely; recurring debt is very close to what is allowed. c. not likely; recurring debt is higher than what is allowed. d. there is not enough information given to determine the answer.

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28-06-2022
Mathematics

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You work for a lending institution and are tasked with whether or not to approve a home loan, using the standard 28/36 ratio. the loan application is for $230,000. you see that the applicant has an annual salary of $83,000. the applicant also has a car payment of $315, a student loan of $140 and a boat loan of $96. how likely are you to approve the loan? a. very likely; recurring debt is considerably less than what is allowed. b. somewhat likely; recurring debt is very close to what is allowed. c. not likely; recurring debt is higher than what is allowed. d. there is not enough information given to determine the answer.

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-07-11T18:47:47+02:00

You work for a lending institution and are tasked with whether or not to approve a home loan, its Somewhat likely; that recurring debt is very close to what is allowed. Option B.

What is recurring debt?

Generally, any payment that is utilized to repay debt obligations that occur on a continuous basis is said to be recurrent debt.

In conclusion, Recurring debt consists of payments that cannot be readily canceled at the request of the payer. Examples of this kind of debt include alimony, child support, and loan installments.