Question

Imagine you have a job where you earn $700 each week after taxes. Your monthly living expenses include $725 for rent, $125 for utilities, $120 for cable/internet, $35 for cellphone, and $48 for bus fare. You also have $1,100 in credit card debt that requires a minimum monthly payment of $78. You have also been keeping track of your expenses for several months by writing down everything you purchase. You found that you spend around $600 on groceries and $225 on dining out and entertainment. What is your monthly income?

Answer 1

The monthly income is $844.

Given:

• Weekly earning after taxes is $700
• Monthly rent is $725
• Monthly expense for utilities is $125

• Monthly expense for cable/internet is $120

• Monthly expense for cellphone is $35

• Monthly expense for bus fare is $48

• Minimum monthly payment of credit card debt is $78

• Monthly expense for groceries is $600

• Monthly expense for dining out and entertainment is $225

To find: The monthly income

The monthly income refers to the amount of money left over each month after paying all expenses.

Evaluating, we have,

The total monthly expense = $($725 + 125 + 120 + 35 + 48 + 78 + 600 + 225$)

That is, the total monthly expense is $1956.

It is given that weekly earning after taxes is $700. Since a month contains 4 weeks, we can say that monthly earning after taxes is $($700 \times 4$), that is, $2800.

Then, monthly income is given by the difference between the monthly earnings and the monthly expenses. So, monthly income is $($2800-1956$), that is, $844.

The monthly income is $844.

Learn more about income and expenses here:

brainly.com/question/18456246