Tom is 45 and pays $2042 on his mortgage each month while his total take hime pay is $5950 per month. The national average, for
those aged 35-64, on housing costs is 35% of income. Compute the percent of Tom's income that he spends on housing.
1 answer:
Answer:
34.32%
Step-by-step explanation:
Tom is 45 years old.
Tom earning = $5950 per month
Mortgage payment = $2042
Percentage of amount paid towards mortgage in his income = (2042/5950)*100
= 34.32%
Tom pays 34.32% of his income towards mortgage.
The national average of his age group pays 35% of income towards housing.
Thank you.
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