Question

Lou's annual income was $14,535. He spent 22.9% on housing. Estimate how much he spent each month on housing.

Answer 1

Note that the income is annual or yearly, and the question asks for monthly housing expense.

Step 1. calculate the annual housing cost. It is given as 22.9 percent.
(.229)*$14,535 = $3,328,52 Note percentage converted to decimal.

Step 2. Since monthly housing is requested, divide the results of Step 1. by 12.