Question

determining holly’s maximum rent
a landlord requires tenants to spend no more than 29% of their income on rent. holly’s monthly income is $2,789.
what is the maximum rent holly should pay according to the landlord’s requirement?
$103.30 $80,881 $808.81 $961.72

Explanation:

Step1: Identify the formula

To find the maximum rent, we calculate 29% of Holly's monthly income. The formula is: $\text{Maximum Rent} = \text{Monthly Income} \times \text{Percentage (in decimal)}$

Step2: Convert percentage to decimal

29% as a decimal is $0.29$ (since $29\%=\frac{29}{100} = 0.29$)

Step3: Calculate the maximum rent

Holly's monthly income is $\$2,789$. So we multiply $2789$ by $0.29$:
$$2789\times0.29 = 808.81$$

Answer:

\$808.81