how much annual income would you need to have if, using the 28/36 ratio, your maximum allowable recurring…

how much annual income would you need to have if, using the 28/36 ratio, your maximum allowable recurring debt is $380?\na. $16,290\nb. $22,800\nc. $57,000\nd. $75,000\nplease select the best answer from the choices provided\na\nb\nc\nd

how much annual income would you need to have if, using the 28/36 ratio, your maximum allowable recurring debt is $380?\na. $16,290\nb. $22,800\nc. $57,000\nd. $75,000\nplease select the best answer from the choices provided\na\nb\nc\nd

Answer

Explanation:

Step1: Understand the 28/36 ratio

The 36 - part of the 28/36 ratio refers to the percentage of gross income that can go towards total debt obligations. Here, we know the maximum allowable recurring debt is a part of the total debt obligations. Let the annual income be $x$. The maximum[Client Connection Error]