Finance (alternative)
A Maryland home buyer's total monthly debt obligations include $350 for car payment, $150 for student loan, and $1,850 PITI. Gross monthly income is $8,000. Back-end DTI is:
A23.1%
B25.5%
C29.4%✓ Correct
D23.5%
Explanation
Total monthly debt = $350 + $150 + $1,850 = $2,350. Back-end DTI = $2,350 ÷ $8,000 = 0.
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