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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 mortgage

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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 mortgage payment -Spend no more than 36% of your gross monthly income for your total monthly debt Round al to the nearest dollar, if necessary. ppose that your gross annual income is $24,000 (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? ( if your month y mortgage payment 8 % of the maximum amount you can afford, what is the maximum amount you should spen d each month for all other debt? O A. (a) $560, (b) $720; (c) $244 O B. (a) S560, (b) $720; (c) $476 O C. (a) $560, (b) $720; (c) $52 O D. (a) $6,720, (b) $8,640 (c) $2.928

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