Use the interval 25% to 30% to find the monetary range that is recommended for the monthly housing budget in each situation. Round to the nearest dollar.

answer:

So the interval 25% - 30% tells us that Mark, who makes $86,000 / year, should feel comfortable spending at least 25% of his salary on housing, and at most 30%.

So, we want to do this calculation on Mark's monthly salary, because the rent (or mortgage) comes due monthly.  Since there are 12 months in the year, then a man who makes 86,000 / year makes 86,000/12 = $7166.66 / month.  By rounding down, I'm underestimating his salary by 8 cents a year, but we wouldn't want to overestimate, so that's a good choice.

So what's the lower end of Mark's budget?  25% of $7166.66 = 0.25 * $7166.66 = $1791.665.  Rounding to the nearest dollar, we get $1792.

As to the upper end, 30% of $7166.66 = 0.30 * $7166.66 = $2149.998.  Rounding to the nearest dollar, we get $2150.

So, the recommended monetary range for Mark's housing budget is $1792 - $2150.

Hope that helps.

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