Question

Given that your monthly expenses for the house that you want to purchase totals $1,562.30 (this includes the house payment, annual taxes, and the annual cost for home owners insurance) and your gross annual salary is $66,955.71, determine if you qualify for the purchase of the new home. If yes, what percent do you qualify by?

Answer 1

B- yes: 28%

Explanation:

Answer 2

Hi there
Given that your annual salary is $66,955.71 So we need to find the monthly salary by dividing the annual salary by 12 months
Your monthly salary is
66,955.71÷12=5,579.64
Your monthly salary can cover the monthly expenses so you are qualify
for the purchase of the new home
percent do you qualify by
1,562.3÷5,579.64=0.28×100=28%

Hope it helps