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Using proportions, if your ( or your parents') monthly mortgage payment is $1,125.98, at least how much must your monthly realized income be to stay within acceptable housing expense limits?

Respuesta :

Answer:

Let your monthly income = $ x

As, Mortgage payment does not exceed 28% of the total monthly income.

Monthly mortgage payment = $1,125.98

So, 28% of x=1125.98

[tex]=\frac{28x}{100}=1125.98\\\\x=\frac{112598}{28}\\\\ x=4021.3571[/tex]

So, Your monthly income should be $ 4021.36 (approx) to stay within acceptable housing expense limits.

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