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20-05-2024
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The bank that the Payans would like to borrow from uses the back-end ratio to determine loan qualification, approving applications if the back-end ratio is less than 36%. So, the Payans have collected some information on what the bank will consider to calculate the ratio, including what they estimate their monthly mortgage payment will be.

Income
Total monthly income $10,000
Monthly Expenses
Expected mortgage $1,100
House insurance $150
Property taxes $500
Car loan(s) $1,000
Credit card debt $400
According to the Payans’ back-end ratio calculation, the bank will most likely/ not lend the Payans $250,000 to purchase the home because their back-end ratio is eqaul to/ more than/ less than

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