Given the following, calculate the GDS ratio. All income and expense items are annual. Gross income...
Given the following, calculate the GDS ratio. All income and
expense items are annual.
| Gross income | $55,000 | Bank account | $1,000 |
| Net income | $38,000 | Property taxes | $3,600 |
| Heating | $4,800 | Annual car payment | $4,200 |
| Credit card balance | $2,500 | Car loan balance | $10,000 |
| Student loan payments | $2,400 | Mortgage payments | $15,600 |
Homework Answers
For the calculation of GDS we can consider the 3 elements i.e mortgage payment, property taxes and heat expenses. so formula for GDS is
mortgage payment + property taxes+heat/ gross income
Monthly expenses = $15,600+$3,600+$4,800 = $24,000/12 = $2,000
Monthly Gross income = $55,000 / 12 = $4,583.33
= $2,000/ $4,583.33 = 43.63%
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