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Advice from most 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 most 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's gross monthly income for one's total monthly debt. Suppose a family has a gross annual income of $
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 mathly mortgage 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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