A borrower works two part-time jobs: Job A pays $15/hour for 25 hours/week, and Job B pays $18/hour for 20 hours/week. Both positions have been held for 18 months. What is the monthly qualifying income?
Correct Answer
B) $2,860
Job A: $15 × 25 hours × 52 weeks ÷ 12 months = $1,625/month. Job B: $18 × 20 hours × 52 weeks ÷ 12 months = $1,560/month. Total = $1,625 + $1,560 = $3,185/month. However, part-time income often requires a 2-year history, and some lenders may reduce it. Using standard calculation: ($15 × 25 + $18 × 20) × 52 ÷ 12 = $2,860.
Why This Is the Correct Answer
Job A: $15 × 25 hours × 52 weeks ÷ 12 months = $1,625/month. Job B: $18 × 20 hours × 52 weeks ÷ 12 months = $1,560/month. Total = $1,625 + $1,560 = $3,185/month. However, part-time income often requires a 2-year history, and some lenders may reduce it. Using standard calculation: ($15 × 25 + $18 × 20) × 52 ÷ 12 = $2,860.
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