Question

Help me, please.....

mammy and his partner just adopted twins and have decided to adjust their monthly budget. the couple has a monthly income of $6,600 and anticipate the following monthly expenses:$1.850 for mortgage, $400 for home insurance and property tax, $600 for utilities , $500 for food, $850 for car, $600 for health and life insurance, $500 for retirement, and $500 for expenses related to leisure.

a- if the couple decided to save the remaining money in an account for their children's college, how much can they save each month?

b- Manny and his partner anticipate that they need $100,000 to pay their kid's college in 13 years if they save the amount calculated in part (a) every month for 13 years, will they reach their goal? why or why not?

Answer 1

Hi there
A)
Total expenses
1,850+400+600+500+850
+600+500+500=5,800

Amount saved each month
6,600−5,800
=800

B)
There are 12 months in a year. To find how many months in 13months
12months×13years=156 months


156months×800amount saved
=124,800
They will reach and exceed their goal