Answer:
28%
Explanation:
Although there are sources that says 30% of gross income can be spent on housing, the most reliable amount that can be spent (according to other sources) is 28%.
Take for instance, you earn $5000 monthly, the maximum that you can spend on housing is:
[tex]Max = 28\% * \$5000[/tex]
Using a calculator, we have:
[tex]Max = \$1400[/tex]
The maximum that can be spent on a monthly gross income of $5000 is $1400
