Armando's monthly income is $5,489 After accounting for all his expenses, he has set aside 25% of his income for rent. He finds an apartment that costs $1,850 per month. Does this fit within his rent budget?
Answer
A
It is slightly over his budgeted amount.
B
It is way under his budgeted amount.
C
It is way over his budgeted amount.
D
It is slightly lower than his budgeted amount.
Explanation
Armando’s rent budget is 25% of $5,489: 0.25 × $5,489 = $1,372.25. The apartment costs $1,850, which is $477.75 more than his budget. Therefore, it is way over his budgeted amount.
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