Finance
A Connecticut borrower has a gross monthly income of $7,500. The lender uses a 43% back-end DTI limit. The maximum total monthly debt payments (including the mortgage) allowed is:
A$2,250
B$3,225✓ Correct
C$3,750
D$2,625
Explanation
Maximum total monthly debt = gross monthly income × DTI limit = $7,500 × 43% = $3,225. To solve this, multiply the relevant values: $7,500 at 43%.. The correct answer is $3,225.. This is a common calculation on the Connecticut real estate exam.
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