Marvin used the Quantitative Reasoning Process to build a budget while he is going to college. He worked hard over the summer an

Question

2 years ago

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Marvin used the Quantitative Reasoning Process to build a budget while he is going to college. He worked hard over the summer an

d saved $2,595.9 to live on during the next two semesters of school. Marvin will receive a scholarship each semester for $958.35. If he plans to use up all of his savings while at school, how much money can Marvin spend each month, on average, for things like groceries, entertainment, and miscellaneous items?
Assume two semesters equals 8 months total. Also assume Marvin has no other expenses than what he has listed here.

Scholarship for each Semester: $958.35
Tuition & Books Cost per Semester: $2,000
Housing Cost for a two-semester Contract: $1,000

If he has money left, what is the average monthly amount Marvin can afford to spend each month?
If he has overspent, what is the average monthly amount Marvin would be in debt each month?
(Indicate this amount with a negative sign)

Mathematics

1 answer:

Llana [10] · Answer 1 · 2023-06-22T16:27:41+03:00

For Marvin used the Quantitative Reasoning Process to build a budget while he is going to college. He worked hard over the summer and saved $2,595.9 to live on during the next two semesters of school. Marvin will receive a scholarship each semester for $958.35 money can Marvin spend each month, on average, for things like groceries, entertainment, and miscellaneous items is mathematically given as

$4512.6

<h3>How much money can Marvin spend each month, on average, for things like groceries, entertainment, and miscellaneous items?</h3>

Savings with Marvin = $2,595.9

Scholarship amount = $958.35

Total Scholarship amount received in 2 semesters = $958.35 X 2 = $ 1916.7

Now total money that Paolo have = (Savings with Marvin) + (Total Scholarship amount received in both semesters) = $2,595.9 + $1916.7 = $ 4512.6

Tuition & books cost = $2000

Tuition & books cost for 2 semesters = $2000 X 2 = $4000

Housing cost for 2 semester contract =$1,000

Total expenses in books and housing = $4000+ $1000 = $5000

Money left with Marvin after Total expenses in books and housing = $ 4512.6 - $5000 = −487.4

This means he has overspent.

as no. of months in 2 semesters = 8

Amount that Marvin would be in debt each month = −487.4/8 = −$60.925