Question

According to the Housing Recommendations, if a family has a gross annual income of $52,000, what is the maximum amount of a mortgage loan the family could afford?

State your answer in terms of dollars, but do not include a $ sign or the word "dollars" with your response.

Answer 1

Multiply $52,000 x 30%
Change 30% to a decimal 30 =.30
Multiply $52,000 x .30= $15,600
Answer: $15,600