Joe and Marla are applying for a $45,000 loan to purchase a car. The five-year loan will have a monthly payment of $500. They own their condo and monthly payments include their mortgage of $2,800, their condo fees of $600, and their heating expense of $100. Their property taxes are $6,000 per year. Joe and Marla earn gross salaries of $90,000 and $150,000, respectively. What is their Total Debt Service Ratio? Keep your answer as a whole number and round to 2 decimal places.

Answer rating: 100% (QA)

Firstly it allows them to pay off the loan more quickly ... View the full answer