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Abe makes $18.50 per hour. He works 37 hours a week. He pays 23% of his gross earnings in federal and state taxes and saves 5% of his monthly gross income. He is considering renting an apartment that will cost $1,500 per month.
a. Is this monthly rental fee within the recommended 25% - 30% housing expense range?
b. Based upon his expenses, can he make the monthly payment? |
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