jessica financial advisor believes that she should spend no more than 28% of her gross monthly income for housing she has determined that amount is $1400 per month based on this amount and her advisor recommendation what is jessica annual salary
0.28x = 1,400
x = 12(1,400 / 0.28)
x = ?
To determine Jessica's annual salary based on the recommended monthly housing expense, we can use the formula:
Annual Salary = Monthly Housing Expense / (Percentage of Income allocated for housing / 100)
In this case, Jessica's monthly housing expense is $1400, and her financial advisor recommends that she spends no more than 28% of her gross monthly income for housing.
Let's calculate Jessica's annual salary:
Annual Salary = $1400 / (28 / 100)
Annual Salary = $1400 / 0.28
Annual Salary ≈ $5000
Therefore, based on Jessica's monthly housing expense and her financial advisor's recommendation, Jessica's annual salary would be approximately $5000.