Question

Lan's parents asked him to create a budget for his 1,000 monthly income. He determines that he would like to save the remaining amount amount. What percent of his budget will go towards his savings?

Answer 1

If Lan's monthly income is $1,000 and he wants to save the remaining amount, then the amount he plans to save is his income minus his expenses. Let's assume his expenses are x dollars per month. Then, his savings will be:

Savings = Income - Expenses

Savings = $1,000 - x

To find the percentage of his budget that will go towards savings, we need to divide his savings by his income and multiply by 100:

Percentage of budget for savings = (Savings / Income) x 100

Substituting the expression for savings, we get:

Percentage of budget for savings = (($1,000 - x) / $1,000) x 100

Simplifying this expression, we get:

Percentage of budget for savings = (100 - (x / $1,000))%

So the percentage of Lan's budget that will go towards savings depends on his expenses. For example, if he spends $800 per month, then his savings will be $200, and the percentage of his budget going towards savings will be:

Percentage of budget for savings = (($1,000 - $800) / $1,000) x 100

Percentage of budget for savings = (200 / $1,000) x 100

Percentage of budget for savings = 20%

Therefore, in this example, if Lan spends $800 per month, he will be able to save 20% of his monthly income.

Explanation: