Hi I have post this question before but was not able to get the answer and this is all the information in the questions this is a question for "affordable payments" Please help
The Browns’ gross monthly income is $2900. They have 12
remaining payments of $410 on a new car. What maximum monthly
payment does the bank’s loan officer feel that the Browns can afford?
The reason you did not get an answer is because this cannot be answered "mathematically".
There are too many factors and variables to consider.
e.g.
What is their disposable income ?
Are there mortgage or rent payments?
What portion of their net income does the bank consider safe as a carpayment?
What is the total of their food bill, utilities, insurance, etc?
Your question is much too vague.
yes i know but i confirmed the question and that's all there is and no missing information that's why I am getting hard time figuring this question.. maybe its $410 only as that's what they have been paying for a long time and only 12 payments are left so still that's the payment they should be paying as loan officer must have figured that when he must have bought the car to start with.. hope it makes sense.
Thanks
Your explanation is the only one that makes any sense out of this very poorly worded question.
To determine the maximum monthly payment that the bank's loan officer feels the Browns can afford, we will need to consider their gross monthly income and the remaining payments on their new car.
Here's how we can calculate it:
1. Start by finding their total monthly income:
Gross monthly income = $2900
2. Next, calculate their total monthly expenses:
Monthly car payment = $410
3. Subtract their total monthly expenses from their gross monthly income:
Total monthly income - Monthly car payment = Maximum affordable monthly payment
$2900 - $410 = $2490
Therefore, the maximum monthly payment that the bank's loan officer feels the Browns can afford is $2490.