Question

Jose and zola want to purchase their first home. Jose makes $23. 50 an hour and works 40 hours per week. Zola makes $21. 50 an hour and works 40 hours of regular time and for the last three years, has also worked on average 5 hours of overtime a week. They have two car payments totaling $500 a month and one credit card with a minimum payment of $50 a month. What is their combined gross monthly income?.

Answer 1

Based on the computation done, the value of the combined gross monthly income is $7630.

Since there are four weeks in a month, Joe's income will be:

= 23.50 × 40 × 4

= 3760

The value of Zola's income will be:

= 21.50 × (40 + 5) × 4

= 21.50 × 45 × 4

= 3870

Therefore, the combined gross monthly income will be;

= $3760 + $3870

= $7630

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