Sorry that should be more clear. 8% of your monthly gross.Originally Posted by Julio
Hnm... your math went wrong somewhere... im not sure where though....
700/0.08 = $8750 gross monthly salary
8750 * 12 = $105,000 annual gross
700/0.20 = $3500 monthly gross
3500*12 = $42,000 annual gross
Most people don't spend 8%...avg is around 11%. There's a reason why 1 out of 4 car notes is over 60 months now.
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