Question

Adam works as an account manager for a local insurance company. He makes $3500 per month, after taxes. He sticks to a strict monthly budget to make sure that he is able to pay for all of his expenses each month. Look at the list below of the items Adam must budget for each month. He gives a specific percentage of his income to each item. Use his monthly income and the percentage of each item to determine how much Adam will need to budget for each expense. 30% for rent/mortgage $ 15% for Insurances $ 12% for food $ 8% for utilities $ 10% for savings $ 5% for fun $ 7% for clothing $ 3% for personal items $ 10% charitable giving $ How much money will Adam have left over after budgeting for each item on the list? $

Answer 1

see below

Explanation:

Given a $3500 net income per month and a list of budget percentages, you want to know the budget amounts for each item, and the amount left over.

Amounts

Each budget amount is the product of the net income and the associated budget percentage. Those products are ...

• rent: $1050
• insurance: $525
• food: $420
• utilities: $280
• savings: $350
• fun: $175
• clothing: $245
• personal: $105
• charity: $350

Left over

The sum of these amounts is $3500, so there will be $0 left over.

__

Additional comment

The list is stored in the variable 'b' by the first line in the calculator. Then these values are multiplied by the net income to get the budget amounts.