Question

A family's monthly income is $3955. The family spends 7 of this on rent. How much is spent on rent? Show your answer without a $ and rounded to the nearest penny.

a. $277.85
b. $276.48
c. $276.50
d. $277.00

Answer 1

To calculate the rent, 7% of the family's monthly income ($3955) should be taken. The calculated rent amount is $276.85, which is option a.

Step-by-step explanation:

The question pertains to calculating the amount of money spent on rent given a total monthly income and a specific fraction representing the rent expense. Given a monthly income of $3955, and knowing that 7% of it is spent on rent, we can find the amount spent on rent by calculating 7/100 times 3955. This calculation gives us $276.85 as the amount spent on rent.

Here's the math:

1. Convert the percentage to a decimal by dividing by 100: 7% / 100 = 0.07.
2. Multiply the monthly income by this decimal: $3955 * 0.07 = $276.85.

The answer, rounded to the nearest penny, is therefore $276.85, which is option a.