Question

Chris and patti have a combined gross income of $90,000. using the 28/36 ratio, how much of their gross income should be expected to go towards their mortgage? do not include commas or $

Answer 1

Chris and Patti should expect to spend $25,200 of their gross income towards their mortgage.

Step-by-step explanation:

To calculate how much of Chris and Patti's gross income should be expected to go towards their mortgage, we can use the 28/36 ratio. According to this ratio, their housing expenses, including mortgage payment, property taxes, and insurance, should not exceed 28% of their gross income. So, they should spend no more than 28% of $90,000 on their mortgage.

To find the amount, we can calculate 28% of $90,000:

1. Convert 28% to decimal form: 28/100 = 0.28
2. Multiply $90,000 by 0.28: $90,000 × 0.28 = $25,200

Therefore, Chris and Patti should expect to spend $25,200 of their gross income towards their mortgage.