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?
You would need to know more about their other expenses to answer this question. Are you talking about a bank mortgage loan?
Its the car loan and no other expense is given this is the whole question..
To find the maximum monthly payment that the bank's loan officer feels the Browns can afford, we need to consider their gross monthly income and the remaining payments on their car loan.
First, let's calculate the total amount the Browns will pay for the remaining car payments. They have 12 payments of $410 each, so the total amount is 12 * 410 = $<<12*410=4920>>4920.
Now, we'll subtract this total amount from their gross monthly income to find the maximum monthly payment they can afford.
$2900 (gross monthly income) - $4920 (remaining car payments) = -$2020
Since the result is negative, it means that they can't afford to make any additional monthly payments. Ideally, their monthly payment should be less than or equal to $0 to ensure they can manage their finances properly.
Therefore, based on the given information, the bank's loan officer would not recommend the Browns taking on any additional monthly payment.