Question

The Kramers pay $14,400 per year on their mortgage. What percent of their household expensesis this? Round your answer to the nearest tenth.

Answer 1

Considering that their household expenses is of $120,000, the mortgage is 12% of their expenses.

The percentage of an amount a of an amount b is a multiplied by 100% and divided by b, that is:

$P = \frac{a}{b} \times 100\%$

In this problem, the mortgage is of $14,400, while the total expenses are considered to be of $120,000, hence:

$P = \frac{14400}{120000} \times 100\% = 12\%$

The mortgage is 12% of their expenses.

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