The family should spend each month on mortgage payment

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Reference no: EM131984775

Suppose a family has a gross annual income of $43, 200

a. What is the maximum amount the family should spend each month on a mortgage payment?

b. What is the maximum amount the family should spend each month for total credit obligations?

c. If the family's monthly mortgage payment is 60 % of the maximum they can afford, what is the maximum amount they should spend each month for all other debt?

Reference no: EM131984775

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