Math Question Help Me

Question

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 ​$43,200.

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 $__.

Answer 1

To get %; make it into a decimal; multiply.