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2 May, 18:37

Given that your monthly expenses for the house that you want to purchase totals $1,562.30 (this includes the house payment, annual taxes, and the annual cost for home owners insurance) and your gross annual salary is $66,955.71, determine if you qualify for the purchase of the new home. If yes, what percent do you qualify by? a. No; 29.2% c. No; 30% b. Yes: 28% d. Yes; 26.4%

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  1. 2 May, 21:09
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    Annual expenses for the house = 12 (1562.30) = $18,747.60

    % expense vs gross income = $18,747.60/$66,955.71 x 100 = 28%

    Therefore, the answer is Yes: 28%
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