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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