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What is the haring family debt payment ratio

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Reference no: EM132828392

You have the following financial information on the Haring family:

Total assets (including a house) $1400000

Checking and savings account $10110

Monthly after-tax income $6600

Total monthly expenses $16000

Monthly savings$1400

Monthly debt payments $2110

Total debt (including mortgage) $291000

Problem 1: What is the Haring family's debt payment ratio?

Option 1: 32%

Option 2: 14%

Option 3: 44%

Option 4: 138%

Reference no: EM132828392

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