I want to buy a $50,000 truck and can get a 5-year loan with an APR...

 

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I want to buy a $50,000 truck and can get a 5-year loan with an APR = 2.5%. My bank says by debt to income ratio has to be under 0.4. If my current annual salary is $60,000 and my monthly debt includes: Rent/Utilities ($900), Phone ($50), Loans ($100), Insurance ($75), Credit Cards ($80), Internet ($90), can I afford the car? I want to buy a $50,000 truck and can get a 5-year loan with an APR = 2.5%. My bank says by debt to income ratio has to be under 0.4. If my current annual salary is $60,000 and my monthly debt includes: Rent/Utilities ($900), Phone ($50), Loans ($100), Insurance ($75), Credit Cards ($80), Internet ($90), can I afford the car?

Answer rating: 100% (QA)

To determine if you can afford the 50000 truck we need to calculate your debttoincome ratio and comp... View the full answer