Real Estate Math
A Vermont buyer's mortgage payment is $1,800/month. Their gross monthly income is $6,000. What is their housing expense ratio?
A25%
B30%✓ Correct
C35%
D40%
Explanation
Housing expense ratio = Monthly Payment / Gross Monthly Income = $1,800 / $6,000 = 0.30 = 30%. Using the values given ($1,800, $6,000), apply the appropriate formula.. The correct answer is 30%.. This is a common calculation on the Vermont real estate exam.
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