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April 13 Find a place to Live Moving Costs 1(A)) Mark makes $86,000 per year. Use the interval of 25% to 30% to find the monetary range that is recommended for the monthly housing budget in each situation. Round to the nearest dollar. (8) Linda makes $7,000 per month. Find the range of how much she can afford to spend on rent. (C) Meghan makes $1,500 per week. Find the range of how much she can afford to spend on rent (D) Jessica's financial advisory believes that she should spend no more than 28% of her gross monthly income for housing. She has determined that amount is $1,400 per month. Based on this amount and her advisor's recommendation, what is Jessica's annual salary? (E) Abe makes $18.50 per hour. He works 37 hours a week. He pays 23% of his gross earnings in federal and state taxes and saves 5% of his monthly gross income. He is considering renting an apartment that will cost $1,500 per month. i. Is this monthly rental fee within the recommended 25% - 30% housing expense range? ii. Based upon his expenses, can he make the monthly payments? (F) Rachel is considering moving into a one-bedroom apartment in Glen Gardens. The apartment has a monthly rent of $1,300. Here are the fees that she has been quoted. How much is she expected to pay up front in order to rent this apartment? Application fee: 2% of one month's rent Credit application fee: $10 Security deposit: 1 month's rent Last month's rent Broker's fee: 12% of one year's rent (G) 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. a. How many times a year does Milena get paid? (remember - her pay is biweekly, or every two weeks.) b. How much does she make in one year? (multiply your answer by $2,200.) C. How much does she pay in federal and state taxes each year? d. How much does she put aside each year to pay off her school loan? e. How much does she save each year? f. How much does Milena get paid in one month? (Divide your answer for b by 12) g. Find the 25% - 30% range of her monthly salary. What is this range? h. Can Milena afford the apartment she is considering? April 13 Find a place to Live Moving Costs 1(A)) Mark makes $86,000 per year. Use the interval of 25% to 30% to find the monetary range that is recommended for the monthly housing budget in each situation. Round to the nearest dollar. (8) Linda makes $7,000 per month. Find the range of how much she can afford to spend on rent. (C) Meghan makes $1,500 per week. Find the range of how much she can afford to spend on rent (D) Jessica's financial advisory believes that she should spend no more than 28% of her gross monthly income for housing. She has determined that amount is $1,400 per month. Based on this amount and her advisor's recommendation, what is Jessica's annual salary? (E) Abe makes $18.50 per hour. He works 37 hours a week. He pays 23% of his gross earnings in federal and state taxes and saves 5% of his monthly gross income. He is considering renting an apartment that will cost $1,500 per month. i. Is this monthly rental fee within the recommended 25% - 30% housing expense range? ii. Based upon his expenses, can he make the monthly payments? (F) Rachel is considering moving into a one-bedroom apartment in Glen Gardens. The apartment has a monthly rent of $1,300. Here are the fees that she has been quoted. How much is she expected to pay up front in order to rent this apartment? Application fee: 2% of one month's rent Credit application fee: $10 Security deposit: 1 month's rent Last month's rent Broker's fee: 12% of one year's rent (G) 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. a. How many times a year does Milena get paid? (remember - her pay is biweekly, or every two weeks.) b. How much does she make in one year? (multiply your answer by $2,200.) C. How much does she pay in federal and state taxes each year? d. How much does she put aside each year to pay off her school loan? e. How much does she save each year? f. How much does Milena get paid in one month? (Divide your answer for b by 12) g. Find the 25% - 30% range of her monthly salary. What is this range? h. Can Milena afford the apartment she is considering

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