Answers
Kim Lee, New debt payment to income ratio : is calculated by sum of all monthly debt payments dividend by gross income for the month.
= All monthly debt payments / Gross income
= (All credit card payments + new loan payment) / Gross income
Where,
Several credit card payments are $ 95
New loan payment is $ 125
Gross income is $ 820
= ($ 95 + $ 125) / $ 820
= $ 220 / $ 820
= 26.83%
New debt payment to income ratio would closed to 26.83%
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