Question

Hey I really need help on this. Can someone please explain this question?

Look at Jerry's monthly budget below. What percentage of Jerry's net income is spent on food?


Net Monthly Income: $2,970.00



Expenses:


Housing: $750.00

Utilities: $120.00

Food: $450.00

Transportation: $650.00

Healthcare expenses: $200.00

Savings: $300.00

Other expenses: $500.00



Total Monthly Expenses: $2,970.00



15.2%



25.3%



45%



60%

Answer 1

Answer: Approximately 15.2% of Jerry's net monthly income is spent on food.

Explanation:

We are given that Jerry's Net Monthly Income is $2970.

Out of this, his expenses are on Housing, Utilities, Food, Transportation, Healthcare Expenses, Savings, and Other Expenses.

To find the percentage of income spent on food, we note that the food related expenditure is given to be $450.

So, to calculate the percentage, we use the formula

(\frac{450}{2970}).(100)

that is, we divide the expenditure on food by the net income and multiply this by 100 to get the percentage.

Calculating the above expression, it works out to be 15.15% or 15.2% when rounding off the decimal.