Jim has an annual salary of $96,000. his monthly expenses include a $2,500 mortgage payment, a $250 lease payment, $500 in minimum credit card payments, and a $425 payment on his speed boat. he also receives $1,200 in interest from his savings and other accounts each month. calculate jim’s dti (debt-to-income) ratio.

The answer is 40%.

Step-by-step explanation:

Jim has an annual salary of $96,000

So, his monthly salary will be = dollars

His monthly expenses include a $2,500 mortgage payment, a $250 lease payment, $500 in minimum credit card payments, and a $425 payment on his speed boat.

Total becomes: dollars

He also receives $1,200 in interest from his savings and other accounts each month.

We will add this to $8000 , totaling to $9200.

Now, Jim's debt amount is $3675 and his income is ≈ 40%.

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(credits to leowren)

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