Caroline’s gross annual salary is $47,448.

What is the maximum amount of rent she can afford to pay

Question

Caroline’s gross annual salary is $47,448.

What is the maximum amount of rent she can afford to pay

aravindg · Answer

Max amount she can pay is her entire salary lol.

abbles · Answer

Monthly rent?  Divide 47,448 by 12 (months in the year) to get your answer.

rational · Answer

she may not be having any money left for shopping lol

aravindg · Answer

Poor girl :/

anonymous · Answer

Maximum allowable rent is 30% of her maximum allowable income

aravindg · Answer

@d3Xter  Where does that come from?

rational · Answer

if this is advanced algebra with finance apps course, 
then there must be some thumb rule like 20% or 30%... check ur notes / lessons

aravindg · Answer

^

anonymous · Answer

http://www.google.com.ng/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&ved=0CDMQFjAB&url=http%3A%2F%2Fwww.ipedinc.net%2Fpowerpoints%2FLow_Income_Housing_Tax_Credit_Calculating_Maximum_Allowable_Rent.pdf&ei=thk9U-rNBMHmywPD2ILgBg&usg=AFQjCNHeAwC_pYLKuoRQzD6qrKjhI5pc4w&bvm=bv.63934634,d.bGQ&cad=rja

abbles · Answer

I'm not sure if that's the same thing... allowable rent is what you're talking about, but doesn't the question ask how much she can afford? I might be wrong on this but that's how I see it.

anonymous · Answer

no @d3Xter  is right . Annual salary / 12 x .3 = the answer .

anonymous · Answer

Allowable rent is clearly based on her income, so that's eventually what she can afford to pay.