Question

Assuming you can afford to spend 30% of your gross monthly income on housing, how much would you be able to afford on monthly rent if you make $34,000 per year?

Answer 1

$850

Explanation:

If you make $34,000 per year, then you make $2833.33 per month.

`(34000)/(12) = 2833.333`

30% of your monthly income would go towards housing (every month)

(2833.33)(0.3) = $850