Question: Two case studies are shown in the table below. Joe and Sarah Joe works as an electrician earning a gross salary of approximately $35

Two case studies are shown in the table below. Joe and Sarah

Two case studies are shown in the table below. Joe and Sarah Joe works as an electrician earning a gross salary of approximately $35 000/ year and Sarah works part- time as a waitress averaging approximately $1200/month. They have a two-year-old child and no pets. Joe owes $3500 on a student loan (he pays $125/month), they have one car (payments are $299/ month) and they owe $875 on their credit card. a) Rajah Rajah recently graduated as a medical lab technician and earns a gross annual salary of $39 000. He presently lives with his parents and recently received a large inheritance allowing him to pay off all his student loans. He has approximately $45 000 in savings. Determine the total monthly expenses for each case study. (1 mark) b) For each case study, based on what you know about their debts, income, and savings, should they rent or buy? Justify your answers. (2 marks)

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