Question

Look at Jerry’s monthly budget below what percentage of Jerry’s net income is put into his savings? Net monthly income: 2,970.00

Expenses:

Housing $750.00
Utilities $120.00
Food $450.00
Transportation $650.00
Healthcare expenses $200.00
Savings $300.00
Other expenses $500.00

Total monthly expenses
2,970.00

A. 10%

B. 25%

C 18%

D 87%

Answer 1

The correct choice is

A. 10%

Explanation:

percentage of income put into saving is given as

Percentage of income put into saving = amount put into saving from total income x 100 / Total income

Given that :

Savings = $300.00

Net monthly income = 2,970.00

hence

Percentage of income put into saving = Savings x 100 / Net monthly income

inserting the values

Percentage of income put into saving = $300.00 x 100 / 2,970.00

Percentage of income put into saving = 10 %

hence correct choice is A. 10%