Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 8 - Personal Finance - 8.7 The Cost of Home Ownership - Exercise Set 8.7: 20

Answer

Financial advisors suggest spending no more than 28% of your gross monthly income for your mortgage payment.

Work Step by Step

Financial advisors suggest spending no more than 28% of your gross monthly income for your mortgage payment. This simple rule can help us determine how much we can afford for a monthly mortgage payment.
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