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Advice from moct financial advisers states to spend no more than 2 8 % of one's gross monthly income for one's mortgage payment, and to
Advice from moct financial advisers states to spend no more than of one's gross monthly income for one's mortgage payment, and to spend no more than of one't alobe monthly income for one's total monihly debt. Suppose a fanly has a gross annual ncome of $
a What is the maximum amount the famlly should spend each monith 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 morigage payment is 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 $
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