NEED HELP WITH 2 CONSUMER MATH QUESTIONS

Question

You have a mortgage payment of $1,248.90/month. Using proportions what is the minimum amount you must have in realized income per month to keep your housing expense in the acceptable range.

 

 

 

Your mortgage payment is $954.32/month. Usiing proportions, what is the minimum yearly amount you mustn’t have in realized income in the acceptable range 

Answer 1

If you can spend 25% of your monthly income on rent, you can you will need a monthly income of $4995.60 or about $5000/month. If you can spend 30% of your income in rent, you will then you will need $4163/month of income. To solve the problem, you will need to divide your mortgage payment by the percentage used in the acceptable range. If the acceptable range is 25%, then divide $1248.90 by  .25 to get $4995.60. If the acceptable range is 30%, then divide your mortgage payment by. 3 to get $4163.