Question: The following steps illustrate how we determine a maximum recommended monthly mortgage payment. You will do a very similar calculation in the Finance Project. Assume

The following steps illustrate how we determine a maximum recommended monthly

The following steps illustrate how we determine a maximum recommended monthly mortgage payment. You will do a very similar calculation in the Finance Project. Assume that our annual income is $49,000 and that we have no other debt. What is our monthly income? (Round your answer to the nearest cent.) Hint: Your annual salary is broken into 12 equal monthly payments. $ $ $

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