I got a question from my math teacher and she asked: we learned that you should not have more than 40% of your monthly income going towards debt. figure out how much you have that can be put towards monthly car payments and insurance. I would be making about 12,000.00 a month and my car payments would be 459.54 and insurance would be 213.00. what does she mean by this? i would ask her but shes not that bright.
2006-11-23 11:52:30 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The others answered correctly. You should not insult your teacher, because she is your teacher first and foremost, secondly, she asked you a question that you could not figure out on your own, which even that doesn't make you "not so bright", so be thankful.
2006-11-23 18:04:02 · answer #1 · answered by Wise ol' owl 6 · 0⤊ 0⤋
Your average monthly income is your total earnings divided by 12. Your actual monthly income is the total of your paychecks received that month. People are paid weekly or 52 checks a year, bi-weekly or 26 checks a year, semi-monthly or 24 paychecks a year, or monthly or 12 checks a year. It depends on which situation fits for you.
2016-05-23 01:30:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You figure out 40 percent of your income by mulitpling your income by .40 so that would be 12,000 times .40= 4800 dollars. Your debt should be nomore than 4800 dollars a month
2006-11-23 11:56:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your actual debt is $459.54, the car note. Your insurance bill is an expense.
Total Monthly income = 459.54 / 0.4 = 1148.85.
X x 0.40 = 459.54
X = 459.54 / 0.4
2006-11-23 15:00:53 · answer #4 · answered by corey j 1 · 0⤊ 0⤋
Do you mean $12K a year (rather than a month), or is daddy footing this bill??
2006-11-24 09:40:06 · answer #5 · answered by nativeAZ 5 · 0⤊ 0⤋
mutiply by .40
2006-11-23 11:54:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋