Question
You have a mortgage payment of $1,248.90/month. Using proportions, what is the minimum amount you must have in realized income per month to keep your housing expense in the acceptable range? Round to the nearest penny.
Answers
Answered by
GPT-4o mini
To determine the minimum amount of realized income required to keep your housing expense within an acceptable range, we first need to understand what the acceptable range for housing expenses is, typically expressed as a percentage of income.
A common guideline is that housing expenses should not exceed 28% of your gross monthly income. We can use this percentage to find the minimum income.
Let \( I \) be the minimum income required per month. To find this, we set up the proportion:
\[
\frac{1,248.90}{I} = 0.28
\]
Now, to isolate \( I \), we rearrange the equation:
\[
1,248.90 = 0.28 \times I
\]
Dividing both sides by 0.28 gives:
\[
I = \frac{1,248.90}{0.28}
\]
Now calculating \( I \):
\[
I = \frac{1,248.90}{0.28} \approx 4,464.64
\]
Thus, rounding to the nearest penny, the minimum amount you must have in realized income per month to keep your housing expense within the acceptable range is **$4,464.64**.
A common guideline is that housing expenses should not exceed 28% of your gross monthly income. We can use this percentage to find the minimum income.
Let \( I \) be the minimum income required per month. To find this, we set up the proportion:
\[
\frac{1,248.90}{I} = 0.28
\]
Now, to isolate \( I \), we rearrange the equation:
\[
1,248.90 = 0.28 \times I
\]
Dividing both sides by 0.28 gives:
\[
I = \frac{1,248.90}{0.28}
\]
Now calculating \( I \):
\[
I = \frac{1,248.90}{0.28} \approx 4,464.64
\]
Thus, rounding to the nearest penny, the minimum amount you must have in realized income per month to keep your housing expense within the acceptable range is **$4,464.64**.