Sally Is Considering Purchasing a Condo That Will Have Monthly

question 66

Multiple Choice

Sally is considering purchasing a condo that will have monthly payments of $800 per month. Property taxes along with heating costs will total $225 per month. Her monthly credit card bills total $150 per month and her car payments are $600 per month. If Sally's gross monthly income is $3,500 per month, determine her Gross Debt Service Ratio.

• A) 26.29%
• B) 27.29%
• C) 28.29%
• D) 29.29%
• E) 30.29%

---

Definitions:

Scientific Theory

A well-substantiated explanation of some aspect of the natural world, based on a body of evidence and repeatedly tested hypotheses.

Testable Explanation

A hypothesis that can be supported or refuted through experimentation or observation.

Hypothesis

A proposed explanation for a phenomenon, subject to further testing and experimentation.

Photosynthesis

The process by which green plants, algae, and some bacteria convert light energy and carbon dioxide into chemical energy in the form of glucose, releasing oxygen as a byproduct.