Your parents have a realized income of $1,046.78/every 2 weeks. How much should the monthly housing expense budget be to stay within acceptable limits?
Answer with explanation:
Income earned by my parents in every two weeks = $ 1046.78
In two weeks there are 14 days, so income earned by my parents in 1 day
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Income of my parents after a month, if there are 30 days in a month = $74.77 × 30= $ 2243.10
We, will use ,@@MATH_TOKEN_1@@ rule here , which states that , 28% of monthly income of my parents, should be used for monthly housing expenses ,and 36% of gross monthly income should be used for debt purposes.
28% of $2243.78
\(=\frac{28}{100}*2243.78\\\\=\frac{62825.84}{100}\\\\=628.2584\)
= $ 628.26 (Approx)
So,my parents, monthly housing expense should not exceed ≥ $ 628.26