Advice from most financial advisers states to spend no more than 28% of one's gross monthly income for one's mortgage pa

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Advice From Most Financial Advisers States To Spend No More Than 28 Of One S Gross Monthly Income For One S Mortgage Pa 1 (19.54 KiB) Viewed 75 times

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 $38,400. 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 80% 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 $ EXTR