$\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$300\\ r=rate\to 4\%\to \frac{4}{100}\dotfill &0.04\\ t=years\dotfill &3 \end{cases} \\\\\\ I=(300)(0.04)(3)\implies I=36$

5 0

3 years ago

James has worked full time as an entry-level web designer since earning his certification. He

Norma-Jean [14]

A budget is a periodical compilation of the estimated revenue earned and expenses incurred within a given time period

Monthly income calculation

James monthly income is calculated as follows;

Monthly income = $\dfrac{\$47,000}{12} \approx \$ 3,916.\overline 6$

The required <u>James' monthly personal budget </u>is presented as follows;

Based on the above monthly income, the monthly personal budget is found by entering the given values in a budget template as follows;

$\begin{array}{lllc}& Incone &\$3,916.6 \\&Rent&\$950\\&Insurance \ (renter's)&\$25\\&Insurance \ (health)&\$185\\&Retirement \ (401 (k))&\$157\\&Car \ insurance &\$120 \\Fixed \ expenses&Utilities&\$100 &\\&Cell \ phone &\$85 &\\&Cable \ TV& \$70 &\\&Credit \ card& \$150 \\&Car \ payment&\$554\\&\underline{ \mathbf{Total \ fixed \ expenses}}& \$2,396 \\&&\\&Clothing& \$80 & \\Variable \ expenses&Groceries& \$300 \\&Entertainment&\$196 \\&\underline{ \mathbf{ Total \ variable \ expenses}}&\$576 \end{array}$