Question

Help me please.....

3.you have a mortgage payment of $1,248.90/month. Using proportions, what is the minimum amount you must have in realized income per month to keep your housing expense in the acceptable range?,

Answer 1

To determine the minimum amount of realized income per month to keep your housing expense in the acceptable range, set up a proportion using 30% of the mortgage payment and solve for x.

Step-by-step explanation:

To determine the minimum amount of realized income per month to keep your housing expense in the acceptable range, we can use a proportion. Let's assume that the acceptable range for housing expense is 30% of your income.

First, we need to find the total monthly income that corresponds to 30% of the mortgage payment. We can set up a proportion:

x/1248.90 = 30/100

Cross-multiplying, we get:

100x = 30 * 1248.90

Simplifying, we find:

x = (30 * 1248.90)/100 = $374.67

Therefore, the minimum amount you must have in realized income per month to keep your housing expense in the acceptable range is $374.67.

Answer 2

Assuming you are using the rule that housing shouldn't exceed 30% of income and that the mortgage payment includes taxes and insurance costs you want to take the following steps to determine the answer. 1248.90/x = 30/100 124,890/x = 30 124,890 = 30x 4,163 = x $4,163/mo is the minimum amount you want in income per month to keep your housing expense in the acceptable range.