Budget and Affordability Quiz

Tonya’s monthly income is $4750. Tonya is looking for a place to live & knows that she should follow the 25% rule for rent. She finds an apartment with a monthly rent of $1,100. Can she afford the apartment? Why or why not?

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OFF

You make $34,000 per year. According to your monthly budget, you spend $400 on groceries, $300 on your car payment, and $500 on other misc. items. You also pay 15% of your income on taxes. As you’re looking for a place to live, you find an apartment that is $1400 in monthly rent. Can you afford the apartment?

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Mr. & Mrs. Smith have a monthly income of $5300. They are looking for a place to live & find a house that will have a monthly mortgage payment of $1250. Knowing they should follow the 25% rule, can they afford it?

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OFF

Your annual income is $48,000. If you decided to follow the 25% rule & only spend 25% of your monthly income on rent, what is the maximum you should spend on rent each month?

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You make $23/hour and work 40 hours each week. This month you’re able to work 4 weeks. Assuming this is your normal schedule, can you afford a monthly rent of $850? Assume you follow the 25% rule.

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Sonny & Cher have monthly income of $4800. They are looking for a place to live & find a place with a monthly rent of $1500. Knowing they should follow the 25% rule, can they afford it?

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You make $20/hour and work 40 hours each week. This month you’re able to work 4 weeks. Assuming this is your normal schedule, can you afford a monthly rent of $850? Assume you follow the 25% rule.

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Derek & Meredith have monthly income of $6500. They are looking for a place to live & find a place with a monthly rent of $1500. Knowing they should follow the 25% rule, can they afford it?

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OFF

Cici’s monthly income is $1625. She pays 25% in taxes in each month. She has budgeted 10% of her monthly income to pay off her debt and 30% of her income for expenses like groceries. Cici found an apartment that rents for $500 per month. Will she be able to make the payments without changing her monthly budget?

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OFF

Your annual income is $37,000. If you decided to follow the 25% rule & only spend 25% of your monthly income on rent, what is the maximum you should spend on rent each month?

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OFF