Milena has a gross biweekly income of $2,200. She pays 18% in federal and state taxes, puts aside 10% of her income to pay off her school loan, and puts 5% of her income aside for savings. She is considering an apartment that rents for $1,200 per month.
a. Is this monthly rental fee within the recommended 25% - 30% housing expense range?
b. Based on her expenses, can she make the monthly payments?