8
QuizMultiple Choice

Applying for a Loan

Question 8 • Quest for Success - B

Cindy would like to apply for a loan but knows that her debt-to-income (DTI) ratio will keep her from being approved. Her monthly expenses include an $800 rent payment, a $230 car payment, a $175 student loan payment and a $160 minimum payment for all three of her credit cards combined. Her current gross monthly income is $2,900.What minimum additional gross monthly income does Cindy need to get her DTI down to 36%?a.$252.78b.$405.56c.$447.22d.$891.67

Answer
A
A
B
B
C
C
D
D
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Cindy would like to apply for a loan but knows…