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

PROJECT 4 : DESIGN A HYDRAULIC MOBILE CRANE REQUIREMENTS: •Design the system to carry load of up to...

Mechanical Engineering
Q

Starfax, Inc., manufactures a small part that is widely used in various electronic products such as...

Accounting
Q

4. The following table shows an abbreviated income...

Accounting
Q

a. Prepare a differential analysis dated September 14 to determine if Socks should...

Accounting
Q

On January 2, Year 1, Pool Co. acquired 75% of Kale Co.'s outstanding common stock....

Accounting
Q

Professional sports--profits and winning- what does this have to do with cost accounting you ask....

Accounting
Q

Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The demand for...

Accounting
Q

The Document Creation Center (DCC) for Arlington Corp provides photocopying and document services for three...

Accounting
Q

Business ethics Nestle's Trademark Confusion May Cost The Company Credibility On its website, Nestl,...

Accounting
Q

X Corporation stock has been trading at $1 per share recently and the exchange where...

Finance
Q

You are considering a 20-year, $1,000 par value bond. Its coupon rate is 10%, and...

Finance
Q

c. What is the equilibrium price

Accounting