Question

Tom is 45 and pays $2042 on his mortgage each month while his total take hime pay is $5950 per month. The national average, for those aged 35-64, on housing costs is 35% of income. Compute the percent of Tom's income that he spends on housing.

Answer 1

34.32%

Explanation:

Tom is 45 years old.

Tom earning = $5950 per month

Mortgage payment = $2042

Percentage of amount paid towards mortgage in his income = (2042/5950)*100

= 34.32%

Tom pays 34.32% of his income towards mortgage.

The national average of his age group pays 35% of income towards housing.

Thank you.