Asked Jan 25, 2019

In 2011, Americans spent an average of 13.6 % of their monthly earnings on mortgage payments, which represented a 41% decrease from the value in 2006 ; what percentage of monthly earning did Americans spend on mortgage payments in 2006?


Expert Answer

Step 1

Let x be the average monthly earnings of an American. Assuming this monthly average is same for the year 2006 and 2011.

The amount spend in 2011,

Step 2

The amount spend in 2011 is 41 percent less than the amount spend in 2006.

Step 3

So, the amount spe...


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