Marta earns an annual salary of $35,000. Her monthly rent is $670. Apply the renter's rule to determine if Marta has enough money for other needs. Show your computation and write your answer in sentence form. please, thanks
2007-01-09 04:00:12 · 5 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
The renter's rule is not to pay more than 25% of your salary for rent.
670 x 12 = $ 8040 for rent
25% of 35,000 = $ 8750
Therefore Marta is within the limit and the rent is ok.
2007-01-09 04:54:15 · answer #1 · answered by David C 2 · 0⤊ 0⤋
Landlords require applicants to earn at least 40 times the monthly rent each year in Prime Manhattan (only about 30 times outside Manhattan). If you divide your annual income by 40 (use 30 outside the City), you'll get an amount that tells you how much rent you can afford.
So if you're in Manhattan income should be 40*670 = *$26,800.
So she can easily afford to pay $670/month anywhere on a annual income of $35,000.
It might not be a very nice apartment, however.
2007-01-09 04:27:16 · answer #2 · answered by ironduke8159 7 · 0⤊ 0⤋
35,000 is just under 3, 000 a month.
670 / 3000 is something greater than 20% but less than 25% a month. I'm guessing that "renters rule" is that no more than 25% should be spent on rent. So, then yes, she has money for other needs.
2007-01-09 04:09:58 · answer #3 · answered by bequalming 5 · 0⤊ 0⤋
Obviously, to answer this you need to know what the "renter's rule" is. That's not a concept I'm familiar with, but I'm guessing it was discussed in whatever class or textbook you're using...
2007-01-09 04:06:20 · answer #4 · answered by hcbiochem 7 · 0⤊ 0⤋
Would you stop it and do your own school work!?
2007-01-09 04:07:50 · answer #5 · answered by Shari 5 · 0⤊ 0⤋