Onyx and their spouse are considering purchasing a larger house for their growing family. Below is a summary of their current combined income and expenses.

Combined Salary (Gross Annually)	$115,000	Monthly Mortgage Payment	$2,050
Master Card (minimum monthly payment)	$250	Utilities (Monthly - Heat and Electricity)	$250
Car Loan Payment (Monthly)	$350	Cable TV & Internet (Monthly)	$75
Cell-Phone Plan (Monthly)	$120	Line of Credit (minimum monthly payment)	$250
Property Tax (annual)	$4,600

Question 14 (1 point)

What is Onyx's family average monthly income? (1 mark)

Question 14 options:

	$7,805
	$8,948
	$9,167
	$8,750
	$9,583

Question 15 (2 points)

What is their monthly shelter cost? (2 marks)

Question 15 options:

	$3,175
	$3,000
	$2,683
	$2,992
	$3,933

Question 16 (2 points)

What is their Gross Debt Service (GDS) Ratio? (2 marks)

Question 16 options:

	28.00%
	31.01%
	32.64%
	29.67%
	31.65%

Question 17 (1 point)

Is this an acceptable GDS? (1 mark)

Question 17 options:

	No, it is above 32%
	No, it is less than 10%
	None of the Others
	Yes, it is below 32%
	Yes, it is less than 10%

Question 18 (2 points)

What are their monthly debt payments? (2 marks)

Question 18 options:

	$640
	$850
	$650
	$783
	$800

Question 19 (2 points)

What is their Total Debt Service (TDS) Ratio? (2 marks)

Question 19 options:

	35.49%
	44.84%
	38.10%
	36.40%
	36.87%

Question 20 (1 point)

Is this an acceptable TDS? (1 mark)

Question 20 options:

	Yes, it is below 40%
	Yes, it is below 20%
	No, it is above 40%
	No, it is below 20%
	None of the others

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Answers Question ... View the full answer