Question

Now subtract the rest of your monthly expenses. You allow for 5% of your net pay of $2,989. 12 to be budgeted for medical expenses. This would be.

Answer 1

The correct statement will be that the monthly budget would be calculated as out of the net monthly income of $2989.12 after deduction of various expenses.

It will be assumed that the rent is $300, personal loan is $200 and credit card bills and fuels comprise $250 each month and medical expenses can be calculated as $150.

Monthly budgets

• The monthly budget after computing the values given in the information above will be calculated as,

• $\rm Monthly\ Expenses= 300+200+250+150\\\\\rm Monthly\ Expenses= \ 900$

• So, the savings for the month will be,

• $\rm Savings= Salary- Expenses\\\\\rm Savings= 2989.12-900\\\\\rm Savings= \ 2089.12$

Hence, the monthly expenses budget for the month will be computed as $900 and savings will be $2089.12

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