Task 4 Lily makes a net annual income of

$52,500 and has saved enough

money for a 20% down payment on

a $230,000 house. She estimates her

mortgage will be $1,200 per month.

Can she afford this mortgage?

misc. 7%

debt 5%

gifts &

entertainment

housing 30%

12%

clothes 5%

Spending Guidelines

1 of net incomes)

Savings

10%

1: What is Lily's net monthly income?

2: How much is her down payment?

3: Not considering the down payment, is a

$1,200 monthly mortgage payment within

the Spending Guideline for housing?

transportation

11%

food 20%

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