Solution
We are given the function
[tex]y=1.165x+615.23[/tex]
Part A
We want to find the monthly rent for an apartment that has 1,500 sq.ft
We only need to put x = 1500 and then compute
[tex]\begin{gathered} y=1.165x+615.23 \\ \text{put x = 1500} \\ y=1.165(1500)+615.23 \\ y=1747.5+615.23 \\ y=2362.73 \end{gathered}[/tex]
Therefore, the monthly rent is $ 2362.73
Part B
28% of the monthly gross income is on housing
If Jacob makes $ 8,000. We want to determine if Jacob can afford the rental
Jacob will spend 28% on housing
[tex]\begin{gathered} \frac{28}{100}\times8000 \\ =28\times80 \\ =2240 \end{gathered}[/tex]
Jacob can only spend $2240 0n housing
Since the monthly rent ($2362.73) is greater than Jacob's recommendation percentage on housing ($2240), Therefore, Jacob CANNOT afford it.n
