Your household income is $4000 a month.Here are the households expenses:Savings:$400Mortgage:$1200Utilities (Electric, Water):$300Groceries:$500Phone Service:$200Vehicle/Transportation Costs:$600Entertainment:$500Does your household have enough income to pay for all of the expenses?

BUDGETING

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Your household income is $4000 a month.Here are the household’s expenses:Savings:$400Mortgage:$1200Utilities (Electric, Water):$300Groceries:$500Phone Service:$200Vehicle/Transportation Costs:$600Entertainment:$500Does your household have enough income to pay for all of the expenses?

A	Yes, by $500
B	No, by $300
C	Yes, by $300
D	No, by $200

Explanation:

Detailed explanation-1: -The average mortgage rate for a $500, 000, 30-year fixed-rate loan is around 5.4% for those with good credit. So, your monthly payment would be around $2250 without taxes and fees.

Detailed explanation-2: -Monthly principal For example, a fixed loan for $300, 000 with a 30-year mortgage would result in monthly payments of $833.00 ($300, 000 / 30 /12 = $833.33).

Detailed explanation-3: -If your rate is 5.5%, divide 0.055 by 12 to calculate your monthly interest rate. Calculate the repayment term in months. Calculate the interest over the life of the loan. Divide the loan amount by the interest over the life of the loan to calculate your monthly payment.

Detailed explanation-4: -M = Total monthly payment. P = The total amount of your loan. I = Your interest rate, as a monthly percentage. N = The total amount of months in your timeline for paying off your mortgage. 10-Nov-2022

There is 1 question to complete.

ECONOMICS (CBSE/UGC NET)

ECONOMICS

BUDGETING