Question

The Cortes’ have a monthly combined take-home pay of $3,750. The Cortes’ recorded the following housing expenses for the month of August: $878.65 for mortgage payment; $52.50 for insurance premium; $266.67 for real estate taxes; $94.52 for electricity; $45.03 for telephone service; and $42.65 for water. How much are their housing costs over or under the FHA guidelines?

1 point
$67.52 under
$67.52 over
$2,369.98 under
$2,369.98 over

Answer 1

I can't say over or under because I don't know the FHA guidelines but they had $2369.98 left over after the housing costs ($1380.02)

Explanation:

Expenses for August= 878.65 + 52.50 + 266.67 + 94.52 + 45.03 + 42.65

= $1380.02

Income-Expenses= 3750-1380.02= 2369.98