Mandy has an annual salary of $37,580. Each month she has a car payment of $265 and a student loan of $120. If she applies for a home loan, how likely is it Mandy will be approved based on her debt-to-income ratio?
Answer
A
Very likely; recurring debt is less than what is allowed.
B
Somewhat likely; recurring debt is equal to what is allowed.
C
Not likely; recurring debt is higher than what is allowed.
D
There is not enough information given to determine the answer.