Real Estate Math
A Montana homeowner's monthly mortgage payment (PITI) is $1,850. Their gross monthly income is $6,200. What is their front-end (housing) ratio?
A24.7%
B29.8%✓ Correct
C31.2%
D35.4%
Explanation
Front-end ratio = Monthly PITI / Gross Monthly Income = $1,850 / $6,200 = 0.29839 = approximately 29.8%.
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