Question

How much should the minimum household income be? Category Amount spent per month Housing $1,302 Taxes $1,550 Food $558 Clothing $124 Entertainment $124 Transportation $372 College Savings $558 Retirement Savings $558 Gasoline $248 Emergency Savings $310 Utilities $496 Question 1 options: $6,200 $2,852 $3,100 $10,000

Answer 1

$6,200

Explanation:

Find out the total amount spent per month

`\$1,302+\$1,550+\$558+\$124+\$124+\$372+\$558+\$558+\$248+\$310+\$496)=\$6,200`

we know that

The household income must be at least the total amount spent per month

Let

x ----> the household income per month

so

`x\geq \$6,200`

therefore

The minimum household income should be $6,200