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Manuel labore earns $19. 50/hr. And works an average of 38 hours a week. He is considering renting a house for $1,700/ month. His real estate friend recommends he spend no more than 28% of his monthly income on housing.

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semsee45

Answer:

Given:

  • Wage = $19.50 per hour
  • Weekly hours worked = 38

β‡’ Weekly income = 38 Γ— $19.50 = $741

β‡’ Monthly income = ($741 Γ— 52.14) Γ· 12 = $3219.65

28% of monthly income

= 0.28 Γ— $3219.65 = $901.50

As $1700 > $901.50 Manuel should not rent the house for $1700 per month since it is more than 28% of his income.

The cost of rent at $1700 per month is actually 52.8% of his monthly income:

(1700 / 3219.65) x 100 = 52.8%

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