Ballard Is Considering Purchasing a Condo That Will Have Monthly

Ballard is considering purchasing a condo that will have monthly payments of $950 per month. Property taxes along with heating costs will total $375 per month. His monthly credit card bills total $200 per month and car payments are $700 per month. If Sally's gross monthly income is $6,000 per month, determine his Total Debt Service Ratio.

A) 37.08%
B) 38.08%
C) 39.08%
D) 40.08%
E) 41.08%

Correct Answer:

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