Problem
$1: 40$ 28 MM150 Survey of Mathematics $\equiv$ Homework: Unit 6 Lab Homework Question list Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 Question 9 Question 10 Question 11 Question 12 Question 13 Question 14 Question 15 Question 16 Brylon Beckworth $\quad 07 / 16 / 23$ 3:39 PM (?) HW Score: $80.4 \%, 20.1$ of 25 points Save Part 2 of 3 Points: 0 of 2 Save 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 $\$$ AA mylab.pearson.com Clear all Check answer
Solution
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.
