What is the debt payment to income ratio percentage, Financial Accounting

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What is the debt payment to income ratio percentage

Problem

Jim makes 5500 dollars a month. After taxes, social security, and his IRA contribution, his net income is 4586 dollars a month. Jim has an automobile loan of 450 dollars, a second automobile loan of 275 dollars, a VISA payment of 100 dollars a month, and a Discover payment of 40 dollars a month. What is the Debt Payment to Income Ratio percentage? Is Jim's debt payments-to-income ratio acceptable?

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Financial Accounting: What is the debt payment to income ratio percentage

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