Question

Ian's parents asked him to creat a budget for his $ 1,000 monthly income . He determines that he would like to save the remaining amount. What percent of his budget will go towards saving. Expense : Amount ($) Car payment $ 350 Car insurance $ 100 Fuel $ 120 Cell phone $ 80

Answer 1

35%

First, we need to find the amount of money that is being spent. Add all of the amounts together.

$350 + $100 + $120 + $80

$450 + $120 + 80

$570 + $80

$650

So, Ian spends $650 of his budget each month. How much does that leave for savings? Just subtract $650 from $1,000 to find that he saves $350 each month.

Now, you just need to find the percentage. The percentage is the same as the numerator in a fraction with a denominator of 100, so x% = x/100. For example, 1% = 1/100. $350 / $1000 = x / 100

How do we turn 1,000 into 100? Divide it by 10. And if you do something to the denominator of a fraction, you have to do it to the numerator as well. So, divide $350 by 10 and divide $1000 by 10, leaving you with $35 / $100 = x / 100

Multiply both sides by 100 to get x by itself. This leaves you with 35 = x, so 35% of Ian’s budget with go towards saving.