The Adeeva's gross monthly income is $5600. They have 18 remaining payments of $ 360 on a new car. They are applying for a 15
-year, $142 comma 000 mortgage at 7.5%. The taxes and insurance on the house are $270 per month. The bank will only approve a loan that has a total monthly mortgage payment of principal, interest, property taxes, and homeowners' insurance that is less than or equal to 28% of their adjusted monthly income. What is 28% of Adevas income
Adjusted monthly income is the gross income minus any payments made every month. 5600 - 360 = 5240. To get 28% of her adjusted income multiply 5240 X.28 =1467.20
