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Task 4

Lily makes a net annual income of

$52,500 and has saved enough

money for a 20% down payment on

a $230,000 house. She estimates her

mortgage will be $1,200 per month.

Can she afford this mortgage?

Эври

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gifts &

Nοε δυσπου

entertainment

12%

clothes 5% Sponding Guidelines

% of not incomes)

savings

10%

1: What is Lily's net monthly income

2: How much is her down payment

3: Not considering the down payment, is a

$1,200 monthly mortgage payment within

the Spending Guideline for housing?

transportation

11%

food 20%

1: What is Lily's net monthly income?

Respuesta :

millerlauren88

Answer:The 28% rule

The 28% rule states that you should spend 28% or less of your monthly gross income on your mortgage payment (e.g. principal, interest, taxes and insurance). To determine how much you can afford using this rule, multiply your monthly gross income by 28%. For example, if you make $10,000 every month, multiply $10,000 by 0.28 to get $2,800. Using these figures, your monthly mortgage payment should be no more than $2,800.

Step-by-step explanation:

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