Answer:
Annual Salary of Joseph = $ 29,000
The rule of housing states that 28% of your income should be used for housing budget.
28% of $ 29,000
[tex]=\frac{28}{100}\times 29000\\\\=28 \times 290\\\\=8120[/tex]
it is yearly payment by Joseph.
Monthly Payment made by Joseph
[tex]=\frac{8120}{12}\\\\=676.66[/tex]
So, monthly payment should not exceed $ 676.67.
Option B: $ 604.17 is correct among four options provided.
