Elena is in the 28 percent bracket and has the following real estate and non-real estate related
Question:
Elena is in the 28 percent bracket and has the following real estate and non-real estate related costs.
Nonmortgage interest and principal ............................. $ 4,000
Mortgage interest ................................................... 15,000
Mortgage principal .................................................. 7,000
Real estate taxes ..................................................... 8,000
Homeowner's insurance expense ................................. 2,000
Net salary ........................................................... 70,000
Calculate total debt as a percentage of income. Is it satisfactory?
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Elenas debt comprises about 42 percent of her net salary which is a sati...View the full answer
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