# 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?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 65SE: Jamal wants to save 54,000 for a down paymenton a home. How much will he need to invest in anaccount...
Question

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?

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