Calculate the ratio as a unit ratio and interpret the result. Round the unit ratio to 2 decimal places, unless otherwise noted.A family needs a mortgage to purchase a new home. If the mortgage is approved, the family's new payment will be $902. If their gross monthly income is $3041, what is the payment-to-income ratio?
A. 3.37; $1 is paid on the mortgage for every $3.37 of income
B. 0.70; $0.70 is paid on the mortgage for every $1 of income.
C. 0.30; $0.30 for every $1 of income
D. 0.42; $902 is paid on the mortgage for every $2139 of income
Answer: C
Mathematics
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