December 4, 24 Flashcardziz Being a Renter

Front

What percentage of your take-home pay should your rent ideally not exceed?

Back

30% of your take-home pay.

Front

If you pay $915 per month in rent, how much do you pay per year?

Back

$10,980.00

Front

How many times per year are you paid if you are paid semimonthly?

Back

24 times per year.

Front

How many times per year are you paid if you are paid biweekly?

Back

26 times per year.

Front

If you earn $72,000 per year, what is the maximum rent you can afford if it cannot exceed 30% of your gross income?

Back

$1,784.62.

Front

Define 'take-home pay'.

Back

Take-home pay is the amount of money you receive after all deductions, such as taxes and retirement contributions, have been taken from your gross income.

Front

What is the formula to calculate annual rent from monthly rent?

Back

Annual Rent = Monthly Rent x 12.

Front

What does 'biweekly' mean in terms of pay frequency?

Back

Biweekly means you are paid every two weeks, resulting in 26 pay periods per year.

Front

What does 'semimonthly' mean in terms of pay frequency?

Back

Semimonthly means you are paid twice a month, resulting in 24 pay periods per year.

Front

If your gross income is $60,000, what is the maximum rent you can afford if it cannot exceed 30% of your income?

Back

$1,500 per month.