Maximum spent on rent should be 25% - 35% of your gross monthly income

1. The apartment you want has a monthly rent of $585. What does your gross monthly income range need to be for you to be able to rent this apartment?

2. The amount of money spent in renting this apartment for the year is $4920. What is the monthly rent? What is the range of monthly gross income needed to be able to afford this apartment?

3. The annual amount spent on renting this house is $6540. What is the monthly rent? What is the monthly gross income range?

4. You are purchasing a house for $250,000. You have a down payment of $50,000. You will pay 4.8% interest for 30 years. What will be your monthly mortgage payment?

5. You are purchasing a home for $305,000. You have a down payment of $70,000. Your mortgage will be 4.2% interest for 15 years. What will be your monthly mortgage payment?