Jacque's Total Monthly Loan Payments Are $1,020 While Her Gross

question 56

Multiple Choice

Jacque's total monthly loan payments are $1,020 while her gross income is $3,000 per month.What is her debt service ratio?

• A)34%
• B)43%
• C)50%
• D)75%
• E)82%

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Definitions:

Imposed

Set or laid as a burden, duty, tax, or penalty; usually applied or enforced authoritatively.

Acceptance

The act of agreeing to the terms of an offer, thereby creating a binding contract.

Written Document

A physical or digital record that contains information or evidence in a format that can be read or understood.

Binding Contract

A legally enforceable agreement between two or more parties, where each is obligated to fulfill certain terms or face legal consequences.