Question: QUESTION 40 This question requires a calculation. Use the following formula: Debt to Net Income Formula: Total monthly debt divided by net monthly income John's

QUESTION 40 This question requires a calculation. Use the following formula: Debt to Net Income Formula: Total monthly debt divided by net monthly income John's debts include a car payment of $300 per month and credit card payments of $145 for Master Card, $155 for Visa and $50 for Discover Card. John's monthly Gross Income is $3000 with taxes consisting of Social Security- $190, FICA-$60, Federal Income Tax-$300, and an IRA contribution of $100. What is John's debt-to-net income ratio? a, 36% b, 32% c. 23% e d. 21% e. 28%

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