Question

You (or your parents) have a realized income of $1,046.78/every 2 weeks. How much should the housing expense budget be to stay within acceptable limits?

Answer 1

The answer is $586.20

Explanation:

You (or your parents) have a realized income of $1,046.78/every 2 weeks.

That means monthly salary is =
`2*1046.78=2093.56`

As nothing is specified, so we can consider the 28/36 Rule to solve this question. This rule states that a household should spend a maximum of 28% and no more than 36% on total debt service.

So, 28% of 2093.56 is =
`0.28*2093.56=586.19`≈$586.20

Hence, the answer is $586.20