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nnu math 1100_rhs math 123
krisbel gaytan 02/09/26 9:32 pm
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homework: section 8.7 homework
question 10, 8.7.20
hw score: 21.67%, 2.6 of 12 points
points: 0 of 1
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describe how to determine what you can afford for your monthly payment.
choose the correct answer below.
a. spend no more than 28% of your gross monthly income for your mortgage payment, and spend no more than 36% of your gross monthly income for your total monthly debt.
b. spend no more than 14% of your gross monthly income for your mortgage payment, and spend no more than 28% of your gross monthly income for your total monthly debt.
c. the amount of the mortgage should be no more than 50% of the total monthly debt, not including the amount of the mortgage.
d. the amount of the mortgage should be no more than 25% of the total monthly debt, not including the amount of the mortgage.
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Explanation:

This follows the standard 28/36 rule in personal finance, which is the widely accepted guideline for determining affordable monthly mortgage and total debt payments relative to gross monthly income. The other options do not match this established standard.

Answer:

A. Spend no more than 28% of your gross monthly income for your mortgage payment, and spend no more than 36% of your gross monthly income for your total monthly debt.