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Use the following advice from most financial advisors to solve the problem. Spend no more than 28% of your gross monthly income for your
Use the following advice from most financial advisors to solve the problem. Spend no more than 28% of your gross monthly income for your mortgage payment. Spend no more than 36% of your gross monthly income for your total monthly debt. Round all calculations to the nearest dollar, if necessary. 23) Suppose that your gross annual income is $96,000. (a) What is the maximum amount you should spend each month on a mortgage payment? (b) What is the maximum amount you should spend each month for total credit obligations? (c) If your monthly mortgage payment is 80% of the maximum amount you can afford, what is the maximum amount you should spend each month for all other debt? A) (a) $2,240; (b) $2,880; (c) $1,792 C) (a) $26,880; (b) $34,560; (c) $13,056 B) (a) $2,240; (b) $2,880; (c) $1,088 D) (a) $2,240; (b) $2,880; (c) $64
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