Final answer:
Michael can allocate $464.24 per month for a new truck payment, which represents 28% of his monthly take-home pay of $1,658.
Step-by-step explanation:
To calculate how much Michael can spend on a truck payment based on 28% of his monthly income, we will use a simple percentage calculation. Michael's take-home pay is $1,658 per month. To find out how much 28% of his income is, we multiply his income by the percentage in decimal form (0.28). The calculation will be as follows:
$1,658 x 0.28 = $464.24
Therefore, Michael could allocate $464.24 per month for the new truck payment.