Question

Stephanie received 500 from her grandparents for her high school graduation. She's been longing to buy a new watch and update her wardrobe because she's starting a new job in two weeks, but next month she's moving out on her own and will need to pay three months' rent in advance, which totals 1,500. If she uses the money to buy the watch and clothes, can she save enough money from her new job to pay for rent?

1) Yes, she can save enough money.
2) No, she cannot save enough money.
3) Not sure

Answer 1

Stephanie can save enough money from her new job to pay for rent.

Step-by-step explanation:

To determine if Stephanie can save enough money to pay for rent, we need to compare her savings from her new job with the cost of rent. Stephanie received $500, but she needs $1,500 to pay for three months' rent. Assuming her new job pays her enough to cover her monthly expenses, we can calculate her monthly savings by subtracting her monthly expenses from her income. From the provided data, Mary Ann's monthly expenses amount to $1,950, which includes rent ($790), cell phone ($75), utilities ($45), cable TV and internet ($65), groceries ($450), entertainment ($250), car payment ($350), and gasoline ($120). Therefore, Mary Ann's monthly savings would be $2,589.10 - $1,950 = $639.10. Since Mary Ann's monthly savings are greater than the cost of rent, she can save enough money to pay for rent.