Jose earns $3680 per month, of which 22% is taken out for federal and state income taxes and other required deductions. Last mon
2 answers:
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We will use ratio to determine how much can Fatima afford as a loan for her house.
Let gross income of Fatima = $ x
Amount earned by Fatima monthly= $ 5,375
36 % of 5,375=
$
Maximum amount that can be paid as a loan monthly = $ 1935
Total money that she can pay yearly for house loan if Fatima allowable money for paying loans is $ 1935=
$
Money saved as a down payment = $ 15,000
So, maximum amount loan Fatima can take on a house= 23220 + 15000=$38,220
She is not allowed for loan for house if the cost of house is any of the four options.
(B) 28 % of $ 5375=
$
Maximum amount that Fatima spend on her house monthly= $ 1505
Amount that fatima can spend yearly on her house = 1505× 12 =$18,060
For the four options given , none of the option matches Fatima's expectations.