annual income

[yorkmanz]

you and your partner have combined gross annual income of $105000 your mortgage payment is $875/month. heating oil average $165/month and property tax are $2700 annually other monthly expenses total approximately $1150

a) calculate the GDS ratio and TDS ratio


b) you are considering moving to larger home and taking on abigger mortgage. are you in agood financila positio to do this? explain.

PLEASE HELP

THNANKZ

 

[Harry_the_cat]

What does GDS and TDS stand for?

 

[Denis]

This problem has been posted at at least 4 others sites....

 

[yorkmanz]

A)

GDS = (12(875 + 165) + 2700)/105000 * 100% = 14.46%
TDS= (12(875+165)+2700+1150) )/105000 *100%*100=15.55%

B)
i think my expenses is more than my income... so living within your means is more safer.

please check my answers

 

[Steven G]

A)

GDS = (12(875 + 165) + 2700)/105000 * 100% = 14.46%
TDS= (12(875+165)+2700+1150) )/105000 *100%*100=15.55%

B)
i think my expenses is more than my income... so living within your means is more safer.

please check my answers

i think my expenses is more than my income. How can you say that? Even you concluded that 15.55% of your income goes to the expenses listed. You do know that 15.55% is less than 100%?

 

[brianrago]

while expenses more than income, I don't think it's a good time to move larger home

 

[Denis]

while expenses more than income, I don't think it's a good time to move larger home

Brian, monthly income = 105,000 / 12 = 8,750
What are the monthly expenses?
This is given:
"mortgage payment is $875/month, heating oil average $165/month
and property tax are $2,700 annually (225 monthly) other monthly expenses total approximately $1,150"

So monthly expenses = 875 + 165 + 225 + 1,150 = 2,415

WHY do you say that expenses are higher than income?
Are you teaming up with Yorkmanz to purposefully post silly stuff?