234k views
3 votes
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?

1 Answer

5 votes

Answer:

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.

User Alex Chugunov
by
8.4k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories