Answer: $847.38
Explanation
Given
• Michael's annual salary: $39,110
,• Budget of annual salary for housing: 26%.
Procedure
As the annual salary is $39,110, and the budget for housing is 26%, we have to get the proportion and multiply it times the annual salary.
0. Calculating the proportion
[tex]\frac{26\%}{100\%}=0.26[/tex]2. Multiplying the proportion times the salary
[tex]$ 39,110 $\cdot0.26=10168.6\approx10169[/tex]He can spend $10,169 in housing annualy, but we are asked for the monthly rent:
[tex]\frac{10168.6}{12}\approx847.38[/tex]Then, he can spend $847.38 on monthly rent.
