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Family A earns $ 60,000 and rents its residence, and this fa

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Family A earns $ 60,000 and rents its residence, and this fa [#permalink] New post   06 Aug 2020, 07:28
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Family A earns $ 60,000 and rents its residence, and this family is in the category of housing cost as a percent of income that contains about 3.5 million renters. Family B makes $ 85,000 and owns its residence with a mortgage, and this family is in the category of housing cost as a percent of income that contains about 8 million owners. Which of the following could be the difference between the amounts the two families pay for housing?

Indicate all such values.

A. $ 14,500

B. $ 8,200

C. $ 4,000

D. $ 3,700

E. $ 3,165

F. $ 0
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D,E,F
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sukrut96
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Re: Family A earns $ 60,000 and rents its residence, and this fa [#permalink] New post   Updated on: 29 Sep 2020, 21:42
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From the graph 2, we can see that Family B lies in 16% (16% of 49.5M is close to 8M owners), while from graph 3, we can see that Family A lies in 9% (9% of 37.5M is close to 3.5M owners).
Now, Family A earns 60,000 and pays 30% - 34.9% (9% pay that much) for housing cost and Family B pays 20% - 24.9% (16% pay that much) of their 85,000 earned.
Thus, amount payed by Family A is somewhere between 18,000 - 20,940 and that for Family B is 17,000 - 21,165.
On taking the difference, we get the range of 3,940 and 3,165. Family B can also pay 18,000, since it lies in that range.
Hence answer is D, E, F.

Originally posted by sukrut96 on 06 Aug 2020, 22:32.
Last edited by sukrut96 on 29 Sep 2020, 21:42, edited 1 time in total.
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Re: Family A earns $ 60,000 and rents its residence, and this fa [#permalink] New post   15 Sep 2020, 10:19
how , Family A earns 60,000 and pays 30% - 34.9% (9% pay that much) for housing cost and Family B pays 20% - 24.9% ,how they are saying a A pays 30-40?
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Re: Family A earns $ 60,000 and rents its residence, and this fa [#permalink] New post   15 Sep 2020, 13:50
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Hi

I am not sure I got your question.

Please Sir, could you formulate better what you mean ??

Regards
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Re: Family A earns $ 60,000 and rents its residence, and this fa [#permalink] New post   29 Sep 2020, 07:46
Please change the OA's to option D and E .
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Re: Family A earns $ 60,000 and rents its residence, and this fa [#permalink] New post   29 Sep 2020, 10:01
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According to the Official Answers they are D,E, and F
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Re: Family A earns $ 60,000 and rents its residence, and this fa [#permalink] New post   29 Sep 2020, 21:51
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Shubham51 wrote:
how , Family A earns 60,000 and pays 30% - 34.9% (9% pay that much) for housing cost and Family B pays 20% - 24.9% ,how they are saying a A pays 30-40?


The 2nd graph (U.S. Housing cost as a percent of income: Renter) shows that there are total of 37.5M. Family A lies in the category where there are 3.5M renters.
Thus, 9% of 37.5M is near to 3.5M.
Hence, the family A lies in 30% - 34.9%.
Hope it is clear now.
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Re: Family A earns $ 60,000 and rents its residence, and this fa [#permalink] New post   29 Sep 2020, 21:54
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Devkant wrote:
Please change the OA's to option D and E .


This is a trick question, as you can see the range between A and B lies between 18,000 - 20,940 and 17,000 - 21,165. Family B can pay 17,000 right up to 21,165, which includes 18,000 as well.
If family B pays 18,000, and family A also pays the same amount, then the difference will be 0. Hence option F is also possible.
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Re: Family A earns $ 60,000 and rents its residence, and this fa [#permalink] New post   06 Oct 2020, 15:29
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How do you find the differences and then how do you deduce the range from there? I don't understand.

Family A:
18000 to 20940

Family B:
17000 to 21165
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Re: Family A earns $ 60,000 and rents its residence, and this fa [#permalink] New post   26 Feb 2021, 00:02
WHY option f is correct?
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Re: Family A earns $ 60,000 and rents its residence, and this fa [#permalink] New post   26 Feb 2021, 08:46
void wrote:
WHY option f is correct?


Hi there!

I hope you were able to find the range in which the two family lies.

Family A- Lies in the range of 18000-20940
Family B lies in the range of 17000-20825

Now, the highest difference could be 20940-17000=3940

The lowest difference being 0, why? Because it is possible that Family B could be 18000 or 18100 or 19999 or anything in the range between 18000-20940
Similarly, B can also be in this range. Thus the two values can be equal and the difference can be 0 as well

Thus, values between 0-3940 are the correct answers.

IMO D, E, F.

Ask for further assistance.

Hope this helps!
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Re: Family A earns $ 60,000 and rents its residence, and this fa [#permalink] New post   26 Nov 2024, 03:06
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