Based on Raph's stable gross monthly income, the maximum total debt allowed per month is $1,044
Most conventional lenders prefer to lend to a person whose debt to income ratio is 36% and below.
Ralph's maximum debt allowed is therefore:
= Debt to income ratio x Stable gross income
= 36% x 2,900
= $1,044
In conclusion, Ralph's maximum debt is $1,044
Find out more about debt to income ratio at https://brainly.com/question/24814852.
