Question

Victor Malaba has a net income of $1,240 per month. If he spends $150 on food, $244 on a car payment, $300 on rent, and $50 on savings. What percent of his net income can he spend on other things?

Answer 1

Answer: 40%
Working out: •150+244+300+50 = 744
•1,240 - 744 = 496
•496 ÷ 1,240 = 0.4 or 40%

Answer 2

The total amount that Victor Malaba spends on food, car payment, rent, and savings is,
                       tc = $150 + $244 + $300 + $50 = $744
This means that he has $1240 - $744 = $496 left to spend for other things. The percentage equivalent for this amount is calculated below,
                             ($496 / $1240) x 100% = 40%
Thus, he has 40% of his net income left for other stuffs.