For the Following Mortgage Application, Calculate the Housing Expense Ratio

question 82

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. $$\begin{array} { l l l l l l } & \text { Monthly } & \text { Monthly } & \text { Other Monthly } & \text { Housing } & \text { Total } \\& \text { Gross } & \text { (PITI) } & \text { Financial } & \text { Expense } & \text { Obligations } \\\text { Applicant } & \text { Income } & \text { Expense } & \text { Obligations } & \text { Ratio } & \text { Ratio } \\\text { Davis } & \$ 3,000 & \$ 800 & \$ 360 & &\end{array}$$

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Definitions:

Nonferrous Electrical Wire

A type of wire made from metals other than iron and steel, commonly used in electrical wiring due to its superior conductivity and resistance to corrosion.

MEGGER

A registered name by Biddle Industries. A high-voltage tester used for testing conductor insulation.

Metallic Conduit

Metallic conduit is a metal pipe or tubing designed to protect electrical wiring and cables, providing a secure pathway and shielding them from damage.

MEGGER

A brand and a generic term for an instrument used to measure insulation resistance in electrical wiring and components.