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Basics of Income
BASICS OF INCOME
Click above link to understand and calculate basic types of borrower income
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How to Evaluate and Calculate Borrower Income
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INCOME
HOW TO CALCULATE
EXAMPLE
Annual
Divide annual by 12 months
60,000/12 = 5,000
Monthly
Use monthly figure
Week
Convert to yearly then monthly
(1,150 per week*52 weeks per year)/12 months
Hourly
Convert to weekly, then yearly, then monthly
28.78*40 hours per week -- (52 weeks/year)/12 months
Bi Weekly
Convert to yearly (26 pays per year), then monthly
*26 per year/12
Bi Monthly
Convert to yearly (24 pays per year), then monthly
*24 per year/12
Teacher Pay
Convert to yearly then monthly
Are they paid 12 months or 9
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