SOLUTION: Advice from most financial advisers states to spend no more than 28% of one's gross monthly income for one's mortgage payment, and to spend no more than 36% of one's
Algebra ->
Equations
-> SOLUTION: Advice from most financial advisers states to spend no more than 28% of one's gross monthly income for one's mortgage payment, and to spend no more than 36% of one's
Log On
Question 1176401: Advice from most financial advisers states to spend no more than 28% of one's gross monthly income for one's mortgage payment, and to spend no more than 36% of one's gross monthly income for one's total monthly debt. Suppose a family has a gross annual income of $45,600.
a. What is the maximum amount the family should spend each month on a mortgage payment?
b. What is the maximum amount the family should spend each month for total credit obligations?
c. If the family's monthly mortgage payment is 70% of the maximum they can afford, what is the maximum amount they should spend each month for all other debt? Answer by MathLover1(20849) (Show Source):
a. What is the maximum amount the family should spend each month on a mortgage payment?
% of one's gross monthly income
if a family has a gross annual income of $, gross monthly income is
$
then }% of one's gross monthly income is
b. What is the maximum amount the family should spend each month for total credit obligations?
should be max % of one's gross monthly income which is
c. If the family's monthly mortgage payment is % of the maximum they can afford, what is the maximum amount they should spend each month for all other debt?
monthly mortgage payment =is % then the maximum amount they should spend each month for all other debt is
deduct from total credit obligations maximum amount they could spend each month for all other debts
