How much annual income would you need to have if, using the 28/36 ratio, your maximum allowable recurring debt is $500? A. $21,430 b. $30,000 c. $62,500 d. $75,000

$75,000

Step-by-step explanation:

The 28/36 rule is that the maximum that the person is to spend on household expenses is 28% of their monthly income. 36% of their monthly income is the maximum they can spend on debt and their household expenses.

This means that the maximum they are allowed to spend on debt is:

= 36 - 28

= 8%

If their maximum allowable debt is $500, this is 8% of their gross income. This Gross monthly income is therefore:

500 = x * 8%

= 500/ 8%

= $‭6,250‬

Their gross annual income is:

= 6,250 * 12

= $75,000

$75,000

Step-by-step explanation:

e d g e

dont understand

step-by-step explanation:

the correct answer to your question is a. 4^4

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