GRE Prep Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Family A earns $ 60,000 and rents its residence, and this fa
[#permalink]
06 Aug 2020, 07:28
06 Aug 2020, 07:28
Expert Reply
5
Bookmarks
00:00
Question Stats:
40% (03:53) correct
59% (03:57) wrong based on 32 sessions
Hide Show timer Statistics
Attachment:
GRE Family A earns $ 60,000 and rents its.png [ 121.42 KiB | Viewed 5813 times ]
Attachment:
GRE Family A earns $ 60,000 and rents its (2).png [ 57.64 KiB | Viewed 5857 times ]
Attachment:
GRE Family A earns $ 60,000 and rents its (3).png [ 55.33 KiB | Viewed 5826 times ]
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
Re: Family A earns $ 60,000 and rents its residence, and this fa
[#permalink]
Updated on: 29 Sep 2020, 21:42
Updated on: 29 Sep 2020, 21:42
1
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.
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.
Re: Family A earns $ 60,000 and rents its residence, and this fa
[#permalink]
15 Sep 2020, 10:19
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?
