1. Does Mrs Yoh spend her money wisely? Explan your answer
1 answer:
9514 1404 393
Answer:
- Yes; savings, rent, and debt levels are consistent with her income.
- No.
Step-by-step explanation:
1. The attachment shows Mrs. Yeoh's budget amounts in relation to recommended <em>maximum</em> percentages. (Those vary, depending on who is doing the recommending.) In each case, the amounts Mrs. Yeoh spends are reasonable. Her spending is not unwise.
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2. If Mrs. Yeoh wants to save 10% of 504,000 in 6 years, her monthly saving toward that goal must be ...
504,00/72 = 700
Her current saving of 675 will not get her to this goal.
The price of the condominium Mrs. Yeoh is looking at is more than 6 times her current annual estimated <em>gross</em> income. That generally will mean that <em>she doesn't make enough money to qualify for the loan</em>. (Usually, a bank will want a ratio of 3 or less.)
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