5. James makes $15.50 per hour and works 40 hours a week. He pays 26% of his gross earnings in federal and state
1 answer:
9514 1404 393
Answer:
no
Step-by-step explanation:
On average, there are about 173 1/3 hours per month, so James's take-home pay will be about ...
($15.50/h)(173 1/3 h/mo)(1 -26%) = $1988.13
His proposed rental is about ...
1400/1988.13 · 100% = 70.4%
of his take-home pay.
Most financial planners would recommend the percentage be well below 50%. It is unlikely James can make his proposed monthly payments.
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