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4 years ago

Using the banker's rule, the minimum annual income needed to borrow $75,000 for the purchase of a home is:

Mathematics

1 answer:

Angelina_Jolie [31]4 years ago

7 0

Answer:

b. $30,000

Step-by-step explanation:

According to the banker rule, the minimum annual income needed to borrowed should be maximum of 2.5% of the annual income

Given that

The amount borrowed for purchased of the home is $75,000

So based on the above information, the minimum annual income is

$= Borrowed\ amount \times given\ percentage$

$= \$75,000 \times 2.5\%$

= $30,000

By multiplying the borrowed amount with the given percentage we can get the required minimum annual income and the same is to be shown above

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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sergiy2304 [10]

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