For the Following Mortgage Application, Calculate the Housing Expense Ratio

question 96

Short Answer

For the following mortgage application, calculate the housing expense ratio and the total expense ratio, rounding to the nearest tenth of a percent. $$\begin{array} { l l l l l l } & \text { Monthly } & \text { Monthly } & \text { Other Monthly } & \text { Housing } & \text { Total } \\& \text { Gross } & \text { (PITI) } & \text { Financial } & \text { Expense } & \text { Obligations } \\\text { Applicant } & \text { Income } & \text { Expense } & \text { Obligations } & \text { Ratio } & \text { Ratio } \\\text { Garabaldi } & \$ 4,775 & \$ 1,200 & \$ 920 & &\end{array}$$

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