The maximum allowable recurring debt for someone with a monthly income of $54.875 is $4.39.
<h3 /><h3>Maximum allowable recurring debt:</h3>
Using this formula
Maximum allowable recurring debt=Ratio×Monthly income
Where:
Ratio=28/36
Monthly income=$54.875
Let plug in the formula
Maximum allowable recurring debt=(36%×$54.875)-(28%×$54.875)
Maximum allowable recurring debt=$19.755-$15.365
Maximum allowable recurring debt=$4.39
Inconclusion the maximum allowable recurring debt for someone with a monthly income of $54.875 is $4.39.
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