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%

Question

Mathematics

Savanna

1 April, 05:55

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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Answers (1)

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Malcolm Cannon · Answer 1

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%