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 S

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