Finance
A Kansas borrower's monthly gross income is $7,200. Using the maximum 43% back-end DTI ratio, what is the maximum total monthly debt allowed?
A$2,016
B$2,880
C$3,096✓ Correct
D$3,456
Explanation
$7,200 × 0.43 = $3,096 maximum total monthly debt payments. To solve this, multiply the relevant values: $7,200 at 43%.. The correct answer is $3,096.. This is a common calculation on the Kansas real estate exam.
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