Debt payments-to-income ratios will likely be considered as you apply for a mortgage. The Focus on Personal Finance text suggests keeping this ratio below 20%. A mortgage lender will have their own ratio for all debt payments, including mortgage-to-income ratio, before they will consider approval. Using this information, answer the questions and show your calculations in the table below: • Net monthly income: $4,000 • Expected full mortgage payment (PITI): $1,000 • Student loan payment: $250 • Car payment: $300 Enter your calculation and response in this column. What is this person’s debt payments-to-income ratio? What is this person’s debt payments-to-income ratio when the full mortgage payment is included? If the mortgage lender required total payment to income ratio below 40%, would this person meet that standard? If the mortgage lender required total payment to income ratio below 45%, what is the maximum monthly payments this person could have to meet the standard?