Use the following advice from most financial advisors to solve the problem. ? Spend no more than 28% of your gross monthly income for your mortgage payment. ? Spend no more than 36% of your gross monthly income for your total monthly debt.Round all calculations to the nearest dollar, if necessary.Suppose that your gross annual income is $60,000.(a) What is the maximum amount you should spend each month on a mortgage payment?(b) What is the maximum amount you should spend each month for total credit obligations?(c) If your monthly mortgage payment is 75% of the maximum amount you can afford, what is the maximum amount you should spend each month for all other debt?
A. (a) $1400; (b) $1800; (c) $1050
B. (a) $16,800; (b) $21,600; (c) $9000
C. (a) $1400; (b) $1800; (c) $750
D. (a) $1400; (b) $1800; (c) $50
Answer: C
Mathematics
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