A common rule is that housing expenses should not be more than 28% of your monthly income. Your monthly income is $3,200. How much can you s

Question

A common rule is that housing expenses should not be more than 28% of your monthly income. Your monthly income is $3,200. How much can you spend on housing? a) $364 b) $896 c) $1,137 d) $1,576

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    0
    2021-10-04T11:39:05+00:00

    Answer:

    b. $896.

    Step-by-step explanation:

    We have been given that a common rule is that housing expenses should not be more than 28% of your monthly income. Your monthly income is $3,200.

    To find the amount of money we can spend on housing, we need to figure out 28% of $3200.

    \text{Amount we can spend on housing}=\frac{28}{100}\times \$3200

    \text{Amount we can spend on housing}=0.28\times \$3200

    \text{Amount we can spend on housing}=\$896

    Therefore, we can spend $896 on housing and option ‘b’ is the correct choice.

    0
    2021-10-04T11:39:10+00:00

    $3,200ยท0.28=$896

    The answer is B.

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