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?

Question

asked Jul 25, 2017 26.5k views

2 Answers

Shalonda · Answer 1 · 2017-07-28T23:01:25+0000

Answer:

less than $896.00

Explanation:

A common rule is that housing expenses should not be more than 28% of your monthly income.

your monthly income = $3,200

so your housing expense should not be more than 28% of $3,200

=
(28)/(100) × 3,200

= 0.28 × 3,200 = $896.00

So you can spend less than $896.00 on housing expenses.