Question

3.) Alex makes $31,992 per year and pays about 15% of his gross monthly income in federal

taxes. He wants to find an apartment to rent. Estimate how much he can afford to pay for

rent each month. Then determine how much money he will have after taxes and rent are

paid.

Answer 1

Answer: 1699.5 dollars

Explanation:

If Alex makes $31,992 per year, then his monthly income will be

31992/12 = 2666 dollars

and he pays about 15% of his gross monthly income. That is

15/100 × 2666 = 399.9

The remaining money will be

2666 - 399.9 = 2266.1

He should able to afford 25% of his monthly income for rent

25/100 × 2266.1 = 567 dollars

The money left after tax and payment for rent will be

2266.1 - 567 = 1699.5 dollars