Question

Mrs. Alvarado gets a raise that increases their income to $6,500
a month. Their mortgage stays the same. What percent of their monthly income do they now spend on the mortgage?

Some things to know:
Mrs. Alvarado's income before the raise was 6,000 dollars. Also before their raise, they spent 23% of their income on mortgage. So if they got a raise upto 6,500 dollars, how much would they spend on mortgage? Also please show the work. Thank you. I appreciate it.

Answer 1

6,000 * 0.23 = $1,380 mortgage payment

100(6,500/1380) = ______%

Answer 2

amount of mortgage before raise
= .23(6000) = 1380

after raise,
rate = 1380/6500 = .2123 or appr 21.2%

Answer 3

Thank you! :)