Question

Create a budget using the following information. Corinne has a net spendable income of $1,600 per month. Her health insurance costs have been taken out of her pay before determining the net spendable income. She has the following expenses: Housing: Rent $500/month (utilities and sanitation included) Telephone/Internet $75/month Renters Insurance $60/every six months Transportation: Car Payments $80/month Gas/Oil at least $120/month Insurance $540/year Life Insurance $240/year Debts $60/month

Answer 1

Income +1600
Rent -500
Phone/Internet -75
Renters Insurance -10
Car Payment -80
Gas/Oil -120
Insurance -45
Life Insurance -20
Debts -60


`1600 - 500 - 75 - 10 - 80 - 120 - 45 - 20 - 60 = 690`

$690/month left over

Answer 2

Balance (Positive) = Income - Expenses = 1,600 - 910 = $690

Explanation:

.................................................................Monthly amount

Net Income ............................................................$1,600

Expenses:

Housing Rent ........................................$500

Telephone/Internet ................................$75

Renters Insurance (60/6 months) .......$10

Transportation Car Payments .............$80

Gas/Oil at least ......................................$120

Insurance (540/12 months) ..................$45

Life Insurance (240/12 months)...........$20

Debts .........................................................$60

Total Expenses ........................................................$910

Balance (Positive) (1,600 - 910) .....................$690

Hope this helps!