Question

Britania has a gross bimonthly income of $2,900. She pays 18% in federal and state taxes, puts aside 12% of her income to pay off her school loan, and puts 10% of her income aside for savings. She is considering an apartment that will rent for $1,850 per month. What is her recommended 25-30% housing expense range?

Answer 1

$725 to $870

Explanation:

Federal Taxes: (2900×18)÷100=$522

School Loan: (2900×12)÷100=$348

Savings: (2900×10)÷100=$290

Housing Expense Range:

(2900×25)÷100=$725

(2900×30)÷100=$870

2900-(870+725+290+348+522)=

2900-2755=

$145 (Including savings)