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What is the largest monthly payment

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Question - Please provide a step by step solution - Never borrow more than 20% of your yearly net income (not including your housing or mortgage debt)

Monthly payments should not exceed 10% of your monthly net income.

1. Martine and Jean have a combined monthly net income of $3,000. Their fixed monthly expenses include $220 for Martine's student loan payment, and $82 for the dishwasher they bought last month. Martine and Jean would like to buy a new car. How much can they currently afford for monthly car payments and still maintain a safe debt load?

2. Manuel has a monthly net income of $2,100. His fixed monthly expenses include $68 for the furniture bought last month and a car payment of $167. Are Manuel's expenses within a safe debt load?

3. After paying rent, Angelina has a monthly net income of $450. She wants to buy a new bike and pay for it using a credit card. What is the largest monthly payment she can commit to making?

Reference no: EM132794344

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