Bonnie and Clyde like to travel, but they really need a place to call home when they are not traveling. They decide a condo would be a good fit, but are unsure if they should rent or buy. Help them compare the costs and decide which is the right fit for them.
Information you should know:
Their combined family income is $136,000 per year.
They have two cars and a monthly car payment of $425 on one of the cars.
They generally carry about $800 per month on their credit card.
They have saved $25,000 for emergencies that they could use for a downpayment.
What is the maximum Bonnie and Clyde should budget per month for total housing expense?
Select one:
a. $25,000
b. $47,600 Incorrect
c. $3,967
d. $1,366
Since B is wrong, then what is the answer? I can't seem to figure this one out.