Bessie has an annual salary of $51,360. each month she has a car payment of $210 and a student loan of $50. if she applies for a home loan, how likely is it bessie will be approved based on her debt-to-income ratio? 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.

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lifeislove1707 lifeislove1707

06-05-2022
Mathematics

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Bessie has an annual salary of $51,360. each month she has a car payment of $210 and a student loan of $50. if she applies for a home loan, how likely is it bessie will be approved based on her debt-to-income ratio? 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.

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jayilych4real jayilych4real · Answer 1 · 2022-05-09T13:21:35+02:00

The rate of approval for Bessie is a. Very likely; recurring debt is less than what is allowed.

What is a Debt?

This refers to the amount owed to a person based on a principal collected for an asset to be repaid at a given date.

Hence, we can see that using the debt-to-income ratio to calculate Bessie's credit worthiness, the company would find out that her debts and percentage income are minute, hence her recurring debts are less than what is required.