A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing


  • 5 years ago

how much of a car payment can he afford if his annuel income is 54,000 and he has a loan for 100 a month and it says your debt should not be more than 8% of gross income so first we need to figure his monthly income so we take his annual income of 54000 and devide it by 12 since there is 12 monthes in a year then we get his monthly income of 4500 then he has a 100 loan payment a month so we can subtract that so then his monthly income is 4400 and to figure what car payment he can aford we set up equation of (4400)(.08)=c being c for carpayment then we get 352 is the amount of carpayment he ca

  • This Question is Closed
  1. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    shouldn't it be 4500(.08) = c+100 for total debt to be 8% of gross income

  2. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...


  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.