Answer:
Rent each month = $1421
Amount left after rent and taxes monthly = $2453
Step-by-step explanation:
Gross salary; $61,992 per year
His gross pay per month will be;
61992/12 = $5166
Now, the standard recommended rule in budgeting for house rent is to use between 25% to 30% of your monthly pay for rent.
Now, let's adopt an average of 27.5%
Thus;
Amount he can afford for rent each month = 27.5% × 5166 = $1420.65 ≈ $1421
We are told he pays 25% of his gross monthly income in federal and state taxes.
Thus, amount spent on taxes each month = 25% × 5166 = $1291.5 ≈ $1292
Thus, amount he will gave left after rent and taxes = 5166 - (1421 + 1292) = $2453
