Question

Danica is saving money to buy a used car in six months. She needs to save $1500 for a down payment in order to be able to finance the rest. She gets paid $180 per week at her part-time job. How much money will she need to save out of every weekly paycheck to reach her savings goal of $1500 in six months? Show the calculations:

Answer 1

$62.5

Explanation:

Step one:

Given data

Danica's goal is to save $1500

her pay is $180 weekly.

the duration is 6months

in a month we have 4 weeks

in 6months there are 6*4= 24 weeks

Step two:

In 24 weeks Danica's earnings will be 24*180= $4320

nevertheless, she only needs $1500 for the 24 weeks to make the down payment

So per week, she will need to save 1500/24= $62.5