Use these guidelines to solve this exercise: Spend no more than 28% of your gross
Chapter 0, Problem 68(choose chapter or problem)
Use these guidelines to solve this exercise: Spend no more than 28% of your gross monthly income for your mortgage payment and no more than 36% for your total monthly debt. Round all computations to the nearest dollar. Suppose that your gross annual income is $54,000. a. What is the maximum amount you should spend each month on a mortgage payment? b. What is the maximum amount you should spend each month for total credit obligations? c. If your monthly mortgage payment is 80% of the maximum amount you can afford, what is the maximum amount you should spend each month for all other debt?
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