For the Following Mortgage Application, Calculate the Housing Expense Ratio

question 6

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. $$\begin{array} { l l l l l l } & \text { Monthly } & \text { Monthly } & \text { Other Monthly } & \text { Housing } & \text { Total } \\& \text { Gross } & \text { (PITI) } & \text { Financial } & \text { Expense } & \text { Obligations } \\\text { Applicant } & \text { Income } & \text { Expense } & \text { Obligations } & \text { Ratio } & \text { Ratio } \\\text { Jones } & \$ 1,800 & \$ 462 & \$ 116 & &\end{array}$$

---

Definitions:

Milgram's Study

A psychological experiment conducted by Stanley Milgram, which aimed to understand obedience to authority figures.

Evolutionary Theory

Evolutionary theory is a scientific explanation for the diversity of life on Earth, highlighting the process of natural selection and descent with modification.

Shipwreck Scenario

A hypothetical situation often used in discussions, experiments, or training exercises to explore decision-making, survival strategies, or ethical dilemmas.

Nonhuman Animals

Living organisms that are not human beings, including both wild and domesticated species.