document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1173049>Question 1173049</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Sheila little has a gross monthly income of $3500. She has 15 remaining payments of $147 on a used car. The taxes and insurance on the house are $85 per month. What maximum monthly payment does the banks loan officer feel that Sheila can afford?\r<BR>\n" );
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document.write( "2416.16<BR>\n" );
document.write( "980.00<BR>\n" );
document.write( "938.84<BR>\n" );
document.write( "838.25 </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #850759 by </B><A HREF=/tutors/aboutme.mpl?userid=CPhill><B>CPhill(1959)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=CPhill><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=CPhill><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=850759\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Here's how to solve this problem:\r<BR>\n" );
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document.write( "**1. Calculate Total Monthly Debt:**\r<BR>\n" );
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document.write( "* Car payment: $147<BR>\n" );
document.write( "* Taxes and insurance: $85<BR>\n" );
document.write( "* Total existing debt: $147 + $85 = $232\r<BR>\n" );
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document.write( "**2. Determine Maximum Allowable Debt:**\r<BR>\n" );
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document.write( "* A common guideline for a maximum debt-to-income ratio (DTI) is 36%.<BR>\n" );
document.write( "* Maximum allowable debt: $3500 * 0.36 = $1260\r<BR>\n" );
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document.write( "**3. Calculate Maximum Monthly Payment:**\r<BR>\n" );
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document.write( "* Maximum monthly payment: $1260 - $232 = $1028\r<BR>\n" );
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document.write( "The provided answer choices do not contain the correct answer. The correct answer is 1028.00.<BR>\n" );
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