Garrett has a gross monthly income of $⁢4,000 and pays $⁢1,200 per month toward debt, including a car loan and credit card payments. What is his debt-to-income ratio, written as a percent? Use the debt-to-income ratio formula: (total monthly debt payments)/(gross monthly income)⋅100

Question

Revolt · Accepted Answer

30%

Personal Liabilities - Quiz Quiz

Garrett has a gross monthly income of $⁢4,000 and pays $⁢1,200 per month toward debt, including a car loan and credit card payments. What is his debt-to-income ratio, written as a percent? Use the debt-to-income ratio formula: (total monthly debt payments)/(gross monthly income)⋅100

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