2. You are looking for a new apartment in not spend more than 25 percent of your

Question

2. You are looking for a new apartment in not spend more than 25 percent of your income on rent. You have come across apartments on Kijiji. You are indifferent about location, and public transit costs are [LO 1.1] onton. Your income is $4,000 per month, and you know that you should the following listing for one-bedroom the same to each neighbourhood. Edm Downtown Allendale MacEwan Queen Mary Park $1,500 1,200 1,000 900 a. Which apartments fall within your budget? (Check all that apply.) b. Suppose that you adhere to the 25 percent guideline but also receive a $1,000 cost-of-livin g supplement every month, since you are living and working in Edmonton. Which apartments fall within your budget now?

Explanation / Answer

2) We have total income = $ 4000

out of which we can spent upto 25% on housing rent.

4000 * 25% = 1000

a) so, MacEwan and Queen Mary park fall within the budget . as the rent for Macewan is $1000 and rent of Queen Mary park is $900.

b) so recieving $1000 extra every month. so income increase = $5000.

5000 * 25% = $1250

now, Allendale , MacEwan and Queen Mark Park fall withing the budget.

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