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## What do you mean by gross monthly income?

Gross Monthly Income From Work refers **to income earned from employment**. … For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax.

## How much do I gross a month?

Simply take **the total amount of money (salary) you’re paid for the year and divide it by 12**. For example, if you’re paid an annual salary of $75,000 per year, the formula shows that your gross income per month is $6,250.

## How do you solve for gross income?

The equation for figuring what a company’s gross income or gross profit: **Sales revenue – costs of goods sold = gross income**. Sales revenue is the total amount of money a company generates from selling its goods or services in its main business with no other factors or deductions taken into account.

## How is Piti calculated?

On the surface, calculating PITI payments is simple: **Principal Payment + Interest Payment + Tax Payment + Insurance Payment**.

## What is the payment formula?

The formula for calculating your monthly payment is: **A = P (r (1+r)^n) / ( (1+r)^n -1 )** When you plug in your numbers, it would shake out as this: P = $10,000. r = 7.5% per year / 12 months = 0.625% per period (0.00625 on your calculator)