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Calculate your TDSR and your Debt-to-Payments Ratio

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Question - Your future income = $45,000/year. You pay $1200/month in rent. You have a cell phone bill of $75/month

You have a student loan payment of $200/month

You have a VISA card with a $1000 limit and $1000 outstanding balance

Car insurance will cost $3000/year

Groceries cost you $100/week

Gas will cost you $50/week

Car loan monthly payment is 142.69

You have no other expenses.

Required -

Calculate your TDSR and your Debt-to-Payments Ratio given the above-mentioned assumptions and including the car loan payment you just calculated.

Would you qualify for this purchase?

Reference no: EM132837212

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