Question

There is a sale on computers at your local Comp2u. The gaming system that you are interested in has the latest Intel Quad core processor and duel NVIDIA GeForce 9800S graphics card. The sale price on the computer is $1,500.00 plus 5.1% sales tax. Your monthly gross salary is $2,500. How much will you have saved over a two month period and will you be able to afford the computer, given your monthly expenses total $1,250, Social Security is 6.2% of your biweekly income, Medicare is 1.45% of your biweekly income, and you pay State and Federal taxes in the amount of $45.00 and $89.51 biweekly respectively?

Answer 1

The student will have saved $2500 over the two month period and will be able to afford the computer.

Step-by-step explanation:

In order to calculate the amount saved over a two month period, we need to calculate the monthly savings. To do this, we subtract the monthly expenses from the monthly gross salary:

$2,500 - $1,250 = $1,250

So the monthly savings is $1,250. To find the savings over a two month period, we multiply the monthly savings by 2:

$1,250 x 2 = $2,500

The cost of the computer is $1,500 plus 5.1% sales tax. To find the total cost, we multiply $1,500 by 1.051:

$1,500 x 1.051 = $1,576.50

Since the savings over a two month period is $2,500, and the total cost of the computer is $1,576.50, the student will be able to afford the computer and have savings left over.

Answer 2

$1,579.44; yes

Step-by-step explanation: