If a borrower works 37 hours a week at $75 per hour, what is her gross monthly income?

To determine the borrower's gross monthly income, you start by calculating the gross weekly income and then converting that to a monthly figure.

First, calculate the gross weekly income:

• The borrower earns $75 per hour and works 37 hours per week.

• Gross weekly income = Hourly wage x Hours worked per week = $75 x 37 = $2,775.

Next, to find the gross monthly income, multiply the weekly income by the average number of weeks in a month:

• There are approximately 4.33 weeks in a month (52 weeks in a year divided by 12 months).

• Gross monthly income = Gross weekly income x 4.33 = $2,775 x 4.33 = $12,000 approximately.

This calculation confirms that the gross monthly income is approximately $12,000, making this the correct answer. The correct approach shows how to convert weekly earnings to a monthly income accurately, reflecting typical calculation practices used in mortgage lending when assessing borrower income.