Answer:
- The monthly income is $3,750.00
- Maximum amount on rent $1,050
Explanation:
Monthly income will be the annual income divided by 12 months
= $45,000/ 12
=$3,750.00
The monthly income is $3,750.00
The maximum amount of rent should be guided by the 28/36 rule. Housing should not exceed 28 percent, while total household expenditure should not exceed 36 percent.
The rent should be a maximum of
=28/100 x $3,750.00
=0.28 x $3,750.00
=$1050
Maximum amount on rent $1,050
