Milena has a gross biweekly income of $2,200. She pays 18% in federal and state taxes, puts aside 10% of her income to pay off her school loan, and puts 5% of her income aside for savings. She is considering an apartment that rents for $1,200 per month. 0/1 pt Is this monthly rental fee within the recommended 25% - 30% housing expense range

Question

Mathematics

Kristin Hughes

27 January, 15:25

Milena has a gross biweekly income of $2,200. She pays 18% in federal and state taxes, puts aside 10% of her income to pay off her school loan, and puts 5% of her income aside for savings. She is considering an apartment that rents for $1,200 per month. 0/1 pt Is this monthly rental fee within the recommended 25% - 30% housing expense range

+5

Answers (1)

Know the Answer?

Kendall Mcneil · Answer 1

yes

Step-by-step explanation:

His monthly wage is the product biweekly income and the number of biweeks in a year divided by the number of months in a year.

Subtract the taxes and savings from his monthly wage

We notice that the remaining wage is more than enough to cover the monthly costs.