Question

Using proportions, if your ( or your parents') monthly mortgage payment is $1,125.98, at least how much must your monthly realized income be to stay within acceptable housing expense limits?

Answer 1

Let your monthly income = $ x

As, Mortgage payment does not exceed 28% of the total monthly income.

Monthly mortgage payment = $1,125.98

So, 28% of x=1125.98

`=(28x)/(100)=1125.98\\\\x=(112598)/(28)\\\\ x=4021.3571`

So, Your monthly income should be $ 4021.36 (approx) to stay within acceptable housing expense limits.