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MM150 Survey of Mathematics
$\equiv$ Homework: Unit 6 Lab Homework
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Brylon Beckworth $\quad 07 / 16 / 23$ 3:39 PM
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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 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 $\$ 44,400$.
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 $\$ 1036$.
b. The maximum monthly total credit obligations should be $\$$
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Answer
\(\boxed{1036}\) is the maximum amount the family should spend each month on a mortgage payment.
Step 1 ：The family's gross annual income is $44,400.
Step 2 ：To find the gross monthly income, we divide the annual income by 12. This gives us $3700.
Step 3 ：The maximum monthly mortgage payment is 28% of the gross monthly income. So, we calculate 28% of $3700, which gives us $1036.
Step 4 ：\(\boxed{1036}\) is the maximum amount the family should spend each month on a mortgage payment.
