Joey would like to apply for a loan but knows that his high debt-to-income (DTI) ratio will probably get in his way He would like to lower his DTI ratio by lowering the amount of his gross monthly income that goes to living
expenses.
Joey's current monthly expenses include a rent payment of $1,100, a $178 car payment, and a combined minimum
payment of $220 for his credit card debt. His current gross monthly income is $3,600. If Joey moves to a new
apartment, what is the maximum monthly rent payment he can make and still maintain a DTI ratio of 36%?
a $702
b. $898
$922
d. $960
more
C