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Some guidelines for financial health prevail in the mortgage industry. One measure of personal financial well being is your debt to income ratio. It is
Some guidelines for financial health prevail in the mortgage industry. One measure of personal financial well being is your debt to income ratio. It is more completely described as your monthly debt payments to your monthly income. It is recommended that your monthly debt ratio, including your housing debt (mortgage payment or rent payment) be at most 35 %. It is further recommended that your housing payment is at most 28% of your monthly income. If your annual income is $71,000 what is the largest amount that is recommended to be spent each month on debt payments (including your housing debt)? (Round your answer to the nearest dollar.) $ per month If your annual income is $71,000 what is the largest amount that is recommended to be spent each month on your housing payments? (Round your answer to the nearest dollar.) $ per month
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