In ascertaining whether a borrower has the ability to pay off his loan over time, a mortgage bank may rely on calculating a total debt ratio as part of its underwriting process. utilizing the following information, calculate the total debt ratio. monthly principal and interest on mortgage loan: $635, monthly tax and insurance payments into escrow: $125, monthly car lease payment (lease term is 3 years): $350, gross monthly income: $2,500
a. 25.4%
b. 30.4%
c. 44.4%
d. 53.2%
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In ascertaining whether a borrower has the ability to pay off his loan over time, a mortgage bank ma...
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