1) Katie and Tom are planning on having a family, and our looking to buy a house in Tallahassee, FL. ?They have been living with Katie's mom in the mean time, rent free, but need more space.? Tom currently works as an assistant manager, getting paid a salary of $39500 a year. ?While Katie works as a tutor at the local school?part time 40 hours a month at $16/hr. ?They recently just bought a mini-van which they make monthly payments on of $370. ?When Tom was out of work they worked up credit card debt of $16,000, which they pay monthly payments of $471.??Tom still pays 5% of his monthly income to his first wife for?alimony payments. ?The monthly housing expense on the home they found is $1470 (PITI - Principal, Interest, Taxes, and Insurance).?Calculate their total debt ratio?
2)?Katie and Tom are planning on having a family, and just bought a house in Tallahassee, FL. ?Tom currently works as an assistant manager, getting paid a salary of $47000 a year. ?While Katie works as a tutor at the local school?part time 40 hours a month at $16/hr. ?Their monthly housing expenses are $1700.??Calculate their mortgage debt ratio? (ENTER YOUR ANSWER AS A PERCENTAGE, SO .64 WOULD BE 64)
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