Question: whats this? The 20-10 Rule for Borrowing Limit $ Total of Should Be LESS Than of Your Amount Borrowed* 20% Annual Net Income Monthly Payments

whats this?

whats this? The 20-10 Rule for Borrowing Limit $
The 20-10 Rule for Borrowing Limit $ Total of Should Be LESS Than of Your Amount Borrowed* 20% Annual Net Income Monthly Payments 10% Monthly Net Income Includes credit cards but not mortgages Directions: A. Use the 20-10 Rule to calculate the debt limits for Mariah's and Jesse's older siblings. B. If you earn any income now, also compute your debt limits. Borrower Annual Net Maximum Maximum Income Total Debt Monthly Payments (20% Annual Net Income) (10% Monthly Net Income) Mariah's sister $6,500 A$ A$ Jesse's brother $24,750 A$ A$ Jesse's sister $35,800 $ A$ Me A$ A$ A$

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