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Timothy Carter Has Net Monthly Income of $3,800

Question 11

Multiple Choice

Timothy Carter has net monthly income of $3,800. He has a monthly auto loan payment of $350, a student loan payment of $150, a mortgage payment of $1,200, and a credit card minimum payment of $45. What is his debt-payments-to-income ratio?


A) 13.2%
B) 14.3%
C) 36.7%
D) 42.0%
E) 45.9%

Correct Answer:

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