Homework Answers
Total debt percent =
= Non mortgage interest and principal +[Mortgage interest * (1 -percentage bracket)+Mortgage principal] + [Real estate taxes * (1 - percentage bracket) +Home owner insurance expenses] / Net salary
=4000+[15000 * (1-0.28)+7000]+[8000*(1-0.28)+2000] / 70000
= 4000+17800+7760 /70000
= 29560 /70000
= 0.4222 * 100
=42.22%
Total debt shoud be below 50% is normally satisfactory level.here we got 42.22% is satisfactory because it is below 50% of her net salary
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