Rimi currently earns $3300 per month. She has the following monthly debt payment expenses: $80 for credit cards, $130 for student loans, and a $215 car payment. She is looking to buy a house. The monthly mortgage, including principal, insurance, taxes, and insurance is $1221. Does Rimi pass the FHA total fixed payments to income ratio requirement

Answers

Answer 1

Answer:

No, her ratio is greater than 37%

Explanation:

Given:

Monthly income = $3,300

Credit card expenses = $80

Student loan expenses = $130

Car payment = $215

All insurances = $1,221

Computation:

Total debt to income ratio = Total debt / Total income

Total debt to income ratio =  (80 + 130 + 215 + 1221) / 3300

Total debt to income ratio = 49.87%  

Housing payments to income ratio = All insurances / Monthly income

Housing payments to income ratio = (1221) / 3300

Housing payments to income ratio = 37%  

No, her ratio is greater than 37%


Related Questions

Doris is a member of a team that works to seamlessly execute a large company’s annual shareholder meeting and quarterly board meetings on an ongoing basis. Doris is an employee in the investor relations department of the company. The team also includes Don from IT, Sally from Communications, Editha from event management, Saul from security, Tony from catering, Rob from transportation services and Lola from Marketing. This team is an example of what kind of team?

Answers

Answer: Cross functional team

Explanation:

Cross functional team could be defined as a team of people from their parent department in an organization, coming together to work for another purpose. This is a scenario were people in addition to their existing department's in organization work for another function. This works for short term committee, to meet up a project or task.

ABC Co. purchased merchandise on August 5 at a $1,000 invoice price with terms of 2/10,n/30 and paid for the merchandise on August 14. Determine its entry to record this purchase and the subsequent payment under both the gross method and the net method by matching the action on the left with the method on the right. (Assume a perpetual inventory system.)

Answers

Answer:

Credit Cash for $980 on August 14: Both methods

Debit Merchandise lnventoty for $980 on August 5: Net method

Credit Merchandise Inventory for $20 on August 14: Gross method

Debit Discounts Lost for $20 on August 14: Neither method

Explanation:

To Determine the entry to record this PURCHASE AND THE SUBSEQUENT PAYMENT under both the GROSS METHOD and the NET METHOD by matching the action on the left with the method on the right using a perpetual inventory system

Credit Cash for $980 on August 14: BOTH METHODS

(98%*$1,000)

Debit Merchandise lnventoty for $980 on August 5: NET METHOD

(98%*$1,000)

Credit Merchandise Inventory for $20 on August 14: GROSS METHOD

(2%*$1,000)

Debit Discounts Lost for $20 on August 14: NEITHER METHOD

(2%*$1,000)

The loss in the value of an automobile that occurs over its period of ownership is called: Group of answer choices reinsurance. the acquisition payment. the market price. the repurchase commission. depreciation.

Answers

Answer:

depreciation.

Explanation:

Depreciation is the reduction in value of a long term asset as it is used over the years

for example, as one uses a vehicle, its value reduces due to wear and tear

depreciation is a way of expensing the cost of purchasing an asset

types of depreciation

Straight line depreciation expense = (Cost of asset - Salvage value) / useful life

Activity method based on output = (output produced that year / total output of the machine) x (Cost of asset - Salvage value)

Activity method based on hours worked = (hours worked that year / total hours of the machine) x  (Cost of asset - Salvage value)

Sum-of-the-year digits = (remaining useful life / sum of the years ) x  (Cost of asset - Salvage value)

The location-specific advantages argument associated with John Dunning helps explain why firms prefer FDI to licensing or to exporting. True False

Answers

Answer:

false

Explanation:

False. The location-specific advantages argument associated with John Dunning does help explain the direction of FDI. However, the location-specific advantages argument does not explain why firms prefer FDI to licensing or to exporting.

quizlet

The amount by which a product's unit selling price exceeds its total unit variable cost is the: Multiple choice question. contribution margin ratio contribution margin per unit fixed cost per unit margin of safety

Answers

Answer:

contribution margin ratio

Explanation:

contribution margin ratio = price - variable cost

The existence of the principal-agent problem: Select one: A. increases the risk of buying stock in a corporation B. implies that managers that have the same incentives as the board of directors C. increases the risk of becoming the sole proprietor of a business D. does all of the above.

Answers

Answer:

a

Explanation:

Long-term orientation encourages ______. a.neither thrift nor spending b.spending c.both thrift and spending d.thrift

Answers

Answer:

d

Explanation:

If a person has a Long-term orientation, they are more likely to save more than spend more. This is because they would be more concerned about meeting future expenses.

On the other hand, a short-term orientation encourages thrift

For example a person whose goal is to become a doctor is more likely to save than a person with a terminal illness with weeks to live

In a neoclassical economy, assume that the government lowers both government spending and taxes by $100 billion. If the marginal propensity to consume is 0.6, investment will: Group of answer choices rise by $100 billion. not change. rise by $40 billion. rise by $60 billion.

Answers

Answer:

rise by $40 billion

Explanation:

Calculation to determine what the investment will be

Investment=$100 billion*(100%-60%)

=$100 billion*40%

=$40 billion

Therefore the investment will rise by $40 billion

Ingredients for making simple homemade doughnuts​

Answers

Answer:

1 cup (240ml) whole milk, warmed to about 110°F (43°C)*

1 Tablespoon active dry yeast*

1/3 cup (65g) granulated sugar.

2 large eggs.

6 Tablespoons (86g) unsalted butter, melted and slightly cooled.

1 teaspoon pure vanilla extract.

1/4 teaspoon ground nutmeg.

1/2 teaspoon salt.

To determine the financial condition of an existing business, it is necessary to compare ______ with ______ to identify where costs can be reduced or more money is needed.

Answers

Answer:

operating ratios; industry averages

Explanation:

Third-Party Woes. Trudy owed Sam $40 for a book she purchased from him. Trudy mowed Betty's yard for $40 and agreed with Betty that Betty would pay Sam for the book. Sam is not initially aware of the agreement. Betty pays no one. Trudy also mowed Bob's yard for $40 in return for Bob's agreement to give the payment to Sally representing Trudy's birthday present to Sally. Bob later refuses to do so saying that promises to give gifts are not enforceable. He then moves out of town. Trudy tells both Sam and Sally that she is broke, that Sam needs to get his $40 for the book from Betty, and that Sally is owed $40 from Bob for her birthday present. Which of the following is the likely result if Sam sues Betty for the $40 that Trudy owes him for the book?
A. Sam will win.
B. Sam will lose because his only right of action is against Trudy.
C. Sam will lose because he was not aware of the assignment before the duties were completed.
D. Sam will win, but only if he can prove that Trudy has insufficient funds with which to pay him.
E. Sam will lose because the attempted delegation was against public policy.

Answers

Answer: B. Sam will lose because his only right of action is against Trudy.

Explanation:

Sam had no agreement with Betty to pay him for the book. His only agreement was with Trudy and so he has no right of action against Betty. Had Trudy made him a party to the transaction with Betty, then he would have had a right of action against Betty.

His only option is to go after Trudy as she will not be able to avoid paying him because she delegated the debt, especially as she didn't tell Sam about it.

Which ethical violation involves profiting by using the name or slogan of another company?
Copyright violation
Libel
Plagiarism
Slander

Answers

Answer:

Copyright infringement (at times referred to as piracy) is the use of works protected by copyright law without permission for a usage where such permission is required, thereby infringing certain exclusive rights granted to the copyright holder, such as the right to reproduce, distribute, display or perform the protected work, or to make derivative works. The copyright holder is typically the work's creator, or a publisher or other business to whom copyright has been assigned. Copyright holders routinely invoke legal and technological measures to prevent and penalize copyright infringement.

Lance has a contract with Smith to resurface a driveway at the Smith residence. Lance by mistake stops at the Jones residence and resurfaces Jones' driveway. Jones lives next door to Smith and knows that Lance is at the wrong residence. Jones, however, says nothing and watches while Lance resurfaces his driveway. Is Jones under any contractual obligation to pay Lance for resurfacing his driveway? Explain your answer.

Answers

Answer: Yes

Explanation:

Ignoring a situation you have an idea of to play out in another way has implications. Under Quasi-k, the court will implicate a contractual obligation on Mr Jones for staying idle and giving permission to Mr Lance to carry out the activity.

If a security becomes worthless in the current taxable year, it is treated as sold or exchanged on the:

Answers

Answer:

If a security becomes worthless in the current taxable year, it is treated as sold or exchanged on: The last day of the current taxable year.

True or false: According to the equity theory, each worker develops a personal input-output ratio to compare his or her inputs with the inputs or rewards offered by the organization.

Answers

Answer:

true

Explanation:

plz add me in ur brainlist

The answer is : True

If consumers are charged very high electricity rates in an area where there is only one electric company, this is known as...

Answers

Answer:

Monopoly

Explanation:

A monopoly is a market structure which is typically characterized by a single-seller who sells a unique product in the market by dominance. This ultimately implies that, it is a market structure wherein the seller has no competitor because he is solely responsible for the sale of unique products without close substitutes.

Any individual that deals with the sales of unique products in a monopolistic market is generally referred to as a monopolist.

Hence, when consumers are charged very high electricity rates in an area where there is only one electric company, this is known as monopoly.

For example, a public power company is an example of a monopoly because they serve as the only source of power utility provider to the general public in a society and decides on how much to charge.

Answer:

Monopoly

Explanation:

If consumers are charged very high electricity rates in an area where there is only one electric company, this is known as monopoly.

During 2017, Oriole Company expected Job no. 59 to cost $300000 of overhead, $560000 of materials, and $200000 in labor. Oriole applied overhead based on direct labor cost. Actual production required an overhead cost of $255000, $630000 in materials used, and $280000 in labor. All of the goods were completed. How much is the amount of over- or underapplied overhead

Answers

Answer:

$165,000

Explanation:

The computation of the amount of over- or underapplied overhead is shown below:

The Predetermined overhead rate is

= Predetermined overhead ÷ direct labor cost

= ($300,000 ÷ $200,000)

= 150% of direct labour cost

Now  

overhead applied is

= (150% × $280,000)

= $420,000

And,  

Actual overhead=$255,000

So,  

overhead overapplied is

= $420,000 - $255,000

= $165,000

If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of popsicles

Answers

Answer:neither does

Explanation:

HP has launched a new laptop computer with a bigger monitor and keyboard with larger letters. The company uses this model to target senior communities. The company targets 13 cities in the United States with high populations of seniors. This scenario exemplifies which type of market segmentation

Answers

Answer:

Geodemographic segmentation  

Explanation:

Dividing potential customers into groups based on their lifestyles

Laws regulating conduct between private parties in matters like contracts, business, and domestic relations are called

Answers

Answer:

civil law

Explanation:

part of a country's set of laws which is concerned with the private affairs of citizens, for example marriage and property ownership, rather than with crime.

The distinction between a current asset and other assets: Multiple Choice is based on the ability to determine the current fair value of the asset. is based on when the asset is expected to be converted to cash, or used to benefit the entity. is based on how long the asset has been owned. is based on amounts that will be paid to other entities within a year.

Answers

Answer:

is based on when the asset is expected to be converted to cash, or used to benefit the entity.

Explanation:

There are mainly three types of assets

1. The current asset is the asset that converted into cash within 12 months

2. The fixed asset is the asset that remains fixed like land, building

3 The intangible asset is the asset that cannot be seen or touched like intellectual property such as goodwill, patent

So here the distinction is to be made with respect to the convertibility to cash and the benefit provided to the entity

How does data analytics play a vital role in today’s business world? Multiple Choice By allowing data to be organized into predefined tables and fields. By defining three main categories of classes that help organize a company’s data structure models. By examining data to generate models for predictions of patterns and trends. By capturing the ever-increasing transaction activity of large companies.

Answers

Answer:

C. By examining data to generate models for predictions of patterns and trends.

Explanation:

Business data analytics can be regarded as practice whereby

specific set of techniques as well as competencies and procedures are put into application in order to perform the continuous exploration as well iteration, and investigation regarding past business days and current one, so that insights about a business which brings about improved decision making can be obtained, and models that can predicts patterns and trends can be generated. It should be noted that data analytics play a vital role in today’s business world by examining data to generate models for predictions of patterns and trends in business.

The average U.S. worker is MOST likely to hold about _____ jobs between the ages of 18 and 25. Please choose the correct answer from the following choices, and then select the submit answer button. three two seven five

Answers

The correct answer is 2 to 3

After managers have implemented a decision, they must determine whether it has accomplished the desired result, this is called ______.

Answers

Answer:

monitoring

Explanation:

Monitoring is an essential step in tracking the results of an organizational operation. When a decision is implemented in a company, it must be monitored through a systematic collection of data and information that allow the manager to analyze whether the decision is in accordance with the plan, whether the progress is being effective and whether the results are compatible with the planned, being able to make changes to the project if necessary, eliminate bottlenecks and continuously improve organizational operations, achieving greater quality and effectiveness.

Applying the lower of cost or market method, the reported value of this company's ending inventory if LCM is applied to individual items is _____.

Answers

Answer: $870

Explanation:

Using the lower of cost or market method, the prices the items will be recorded at will be:

Item 1 = $45 market price Item 2 = $60 cost priceItem 3 = $25 market price

The total inventory will therefore be:

= Total value of item 1 + total value of item 2 + total value of item 3

= (45 * 5) + (60 * 7) + (9 * 30)

= 225 + 420 + 225

= $870

Harold is a sales manager associated with TickTock Watches for the past thirty-five years; he was instrumental in the company's success. As an attempt to dissuade Harold from complete cessation of work, the management of TickTock Watches provided Harold with reduced working hours and offered him the role of a mentor. In this scenario, the arrangement offered to Harold by TickTock Watches is _____. Group of answer choices phased retirement early retirement bridge retirement voluntary retirement

Answers

Answer:

phased retirement

Explanation:

From the question, we are informed about Harold who is a sales manager associated with TickTock Watches for the past thirty-five years; he was instrumental in the company's success. As an attempt to dissuade Harold from complete cessation of work, the management of TickTock Watches provided Harold with reduced working hours and offered him the role of a mentor. In this scenario, the arrangement offered to Harold by TickTock Watches is phased retirement. Phased retirement can be regarded as range of employment arrangements that is been put in place, to give room to an employees that are already approaching retirement age so they can continue working in the firm with a reduced workload, so that t the end of the day they can experience a transition from full-time work into what is called full-time retirement. Phased retirement encompass pre-retirement as well as gradual reduction in work hours , it also contains post-retirement as regards pensioners that has wish to remain employed.

if the invoice is incorrect, recalculate


20 dresses at $15 each 350.00
Less 10% trade discount 12.00
Add tax at 18% 41.04
Total 360.67
Terms 30 days net​

Answers

Answer: $318.60

Explanation:

20 dresses at $15 each will cost:

= 20 × $15 = $300.00

Less: 10% trade discount = 10% × $300 = $30.00

Add tax at 18%: = 18% × ($300 - $30) = 18% × $270 = $48.60

Total = $270 + $48.60 = $318.60

Comparisons of per capita gross domestic product (GDP) between countries: Group of answer choices provide information about both market and non-market productive capacities. are misleading because GDP isn't always consumption plus investment plus government spending plus net exports. do not necessarily provide a good measure of relative living standards. provide an accurate gauge by which to judge living standards.

Answers

Answer:

do not necessarily provide a good measure of relative living standards.

Explanation:

Gross domestic product (GDP) can be regarded as total monetary/market value of finished goods/ services

that is been produced within a boarder of a country in a specific time period.

Per capita gross domestic product (GDP) can be regarded as metric used in breaking down the economic output per person of a country. This can be calculated by finding the division of the GDP of a country i.e using its population to divide the GDP.

It should be noted that Comparisons of per capita gross domestic product (GDP) between countries do not necessarily provide a good measure of relative living standards.

Rather than have the top level of management make all the decisions, Jake's company gives all lower-level managers the authority to make decisions for his or her department. Jake's company operates as a(n) ______ organization

Answers

Answer:

Decentralised organisation

Explanation:

Decentralised organisation are those in which most of the authority to perform tasks is given to.lower level management or even individual teams.

This results in a system where decisions are made faster.

Also a small amount of control is maintained for major decisions.

In the given instance Jake's company gives all lower-level managers the authority to make decisions for his or her department, this is a decentralised organisational system

Suppose the money market, drawn with the value of money on the vertical axis, is in equilibrium. If the money supply increases, then at the old value of money there is an a. excess demand for money that will result in a decrease in spending. b. excess demand for money that will result in an increase in spending. c. excess supply of money that will result in a decrease in spending. d. excess supply of money that will result in an increase in spending.

Answers

Answer: excess supply of money that will result in an increase in spending

Explanation:

The money market refers to the total amount of money that's in circulation in an economy at a particular time.

If the money supply increases, this implies that there'll be more money available for the people in the economy to spend. This ultimately leads to the increase in the demand for goods and services in an economy.

Therefore, the correct option will be "excess supply of money that will result in an increase in spending".

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