We have been given that the Walters bought a house and calculated they would pay 28% of their combined income of $5436.68 toward their monthly mortgage payment on the house.
To find the amount of monthly mortgage payment, we will find 28% of combined income.
[tex]\text{Amount of monthly mortgage payment}=\$5436.68\times \frac{28}{100}[/tex]
[tex]\text{Amount of monthly mortgage payment}=\$5436.68\times 0.28[/tex]
[tex]\text{Amount of monthly mortgage payment}=\$1522.2704[/tex]
[tex]\text{Amount of monthly mortgage payment}\approx \$1522.27[/tex]
Therefore, the Walters will pay approximately [tex]\$1522.27[/tex] for their monthly mortgage payment.
