Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. advice from most financial advisers states to spen

Advice from most financial advisers states to spend no more than 28% of one's gross...

80.2K

Verified Solution

Question

Basic Math

image

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 $39,600.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?a. The maximum monthly mortgage payment should be $.....

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Company XYZ operates a chain of bakeries in Canberra thatspecialises in supplying a range...

Accounting
Q

What are the chemical and mechanical events occurring during digestion?

Medical Sciences
Q

i) Imagine that sound is incident directly on the fluid(electrolyte in the inner ear. Calculate the...

Physics
Q

What are the sense and reference of a concept? How do the sense and reference of...

Psychology
Q

An ideal transformer has 50 turns in its primary (input) and 450 turns in its secondary...

Physics
Q

A plant is homozygous for the production of yellow seeds YY and homozygous for wrinkled...

Biology
Q

A step-up down transformer operated on a 2.5 kV line. It supplies a load with...

Physics
Q

Evaluate the integral 1 e42 59 dA

Calculus
Q

Question 9 Your answer is partially correct In performing accounting services for small businesses, you...

Accounting
Q

The following information for the year ended December 31, 2021, was reported by Nice Bite,...

Accounting
Q

A cost that can be separated into fixed and variable components is called a: Group...

Accounting
Q

Consider the case: Newtown Propane Co. is considering a three-year project that will require an...

Finance