Reference no: EM132861518
Jasmine and their spouse are considering purchasing a larger house for their growing family. Below is a summary of their current combined income and expenses.
Combined Salary (Gross Annually) $125,000
Monthly Mortgage Payment $2,600
Master Card (minimum monthly payment) $1,500
Utilities (Monthly - Heat and Electricity) $250
Car Loan Payment (Monthly) $550
Cable TV (Monthly) $75
Cell-Phone Plan (Monthly) $150
Line of Credit (minimum monthly payment) $350
Property Tax (annual) $3,900
Problem 1: What is Jasmine's family average monthly income?
Option 1: $9,948
Option 2: $10,167
Option 3: $9,805
Option 4: $10,417
Option 5: None of the Above