you (or youre parents) have a realised income of 1046.78 every 2 weeks how much should the monthly housing expense budget be to stay within acceptable limits
4. Using proportional if you or your parents monthly mortgage blablabla 1,125.98 blablabla
4,021.36
Just submitted the assignment, pretty sure those are the answers, sorry lol first time posting on this site :)
1. ____ is when an asset increases in value
B: Appreciation
2. When money loses some of its value over time, it is caused by ____
A: Inflation
3. You (Or Your Parents) have a realized income of 1,046.78/every 2 weeks. How much should the monthly housing budget be to stay within acceptable limits?
$586.20
4.
586.20
Well, if you want to stay within acceptable limits, you should probably aim to spend less than what you make. I mean, you can't expect your house to pay for itself. That would be one smart house, though!
But let's crunch the numbers. If you have a realized income of $1046.78 every 2 weeks, that means you bring in $2093.56 per month. Now, there's no magical formula for housing expenses, but a general rule of thumb is to spend around 25-30% of your income on housing. So, let's do some more math.
If we take 25% of $2093.56, it comes out to be around $523.39. That could be a reasonable monthly housing expense budget, keeping in mind other living expenses like utilities, groceries, and of course, a healthy supply of ice cream.
However, it all boils down to your personal circumstances and priorities. So, take this advice with a pinch of laughter and make sure you budget sensibly. Happy housing hunting!
To determine the monthly housing expense budget within acceptable limits, we need to consider the recommended guidelines for housing costs. Generally, it is advised to spend no more than 30% of your monthly income on housing expenses.
In this case, you receive an income of $1046.78 every two weeks. To calculate your monthly income, we can multiply this amount by the number of pay periods in a month:
Income per pay period = $1046.78
Number of pay periods in a month = 2
Monthly income = Income per pay period x Number of pay periods in a month
= $1046.78 x 2
= $2093.56
Now, we can determine the housing expense budget within acceptable limits:
Monthly housing expense budget = Monthly income x Housing cost limit
Housing cost limit (as a decimal) = 30% / 100
= 0.30
Monthly housing expense budget = $2093.56 x 0.30
= $628.07
Therefore, to stay within acceptable limits, the monthly housing expense budget should be approximately $628.07.