9.1 Answer A,B and c questions **Advice on Financial Planning: Managing Mortgage and Debt**Advice from most financial advisers indicates the following guidelines for managing your finances:1. **Mortgage Payments:** Spend no more than 28% of your gross monthly income on your mortgage payment.2. **Total Monthly Debt:** Spend no more than 36% of your gross monthly income on total monthly debt, which includes the mortgage and all other debts.**Example Scenario:**- Suppose a family has a gross annual income of $40,800.**Questions:**a. What is the maximum amount the family should spend each month on a mortgage payment?b. What is the maximum amount the family should spend each month for total credit obligations?c. If the family's monthly mortgage payment is 80% of the maximum they can afford, what is the maximum amount they should spend each month for all other debt?**Answers:**a. The maximum monthly mortgage payment should be $ [____].b. The maximum monthly total credit obligations should be $ [____].c. The maximum amount they should spend monthly on all other debt is $ [____].

Answered: Image /qna-images/answer/3b30f7a6-68ae-46bb-b2d4-a42a7bdf6585.jpg

Advice from most financial advisers states to spend no more than 28% of one's gross monthly income for one's mortgage payment, and to spend no more than 36% of one's gross monthly income for one's total monthly debt. Suppose a family has a gross annual income of $40,800. a. What is the maximum amount the family should spend each month on a mortgage payment? b. What is the maximum amount the family should spend each month for total credit obligations? c. If the family's monthly mortgage payment is 80% of the maximum they can afford, what is the maximum amount they should spend each month for all other debt? ... a. The maximum monthly mortgage payment should be $ b. The maximum monthly total credit obligations should be $ c. The maximum amount they should spend monthly on all other debt is $.