Question

Victor Malala has a net income of $1240.00 per month. If he spends $150.00 on food, $244.00 on a car payment, $300.00 on rent, and $ 50.00 on savings, what percent of his net income can he spend on other things?

Answer 1

Net Income: I=$1,240.00
Food: F=$150.00
Car payment: C=$244.00
Rent: R=$300.00
Saving: S=$50.00
Other things: O=?

F+C+R+S+O=I
$150.00+$244.00+$300.00+$50.00+O=$1240.00
Solving for O:
$744.00+O=$1240.00
$744.00+O-$744.00=$1240.00-$744.00
O=$496.00

Percent of his net income Victor can spend on other things: P=?
P=(O/I)*100%
P=($496.00/$1240.00)*100%
P=(0.40)*100%
P=40%

Answer: 40% of his net income Victor can spend on other things.