QUESTION IMAGE
Question
- marion has the following monthly income and expenses. she puts any extra income into savings.
after three months, marion wants to buy a new tv that costs $1399.99. will she have enough saved to pay cash?
| income | expenses | ||
|---|---|---|---|
| semi - monthly pay | $1037.72 | utilities (phone, gas, hydro) | $110.00 |
| entertainment | $100.00 | ||
| loan payment | $150.00 | ||
| renters insurance | $25.00 | ||
| transportation | $225.00 | ||
| groceries | $275.00 | ||
| clothing | $100.00 | ||
| charity | $25.00 | ||
| miscellaneous | $50.00 |
Step1: Calculate monthly income
Marion has two semi - monthly pays of $1037.72$ each. So monthly income $I = 1037.72\times2=2075.44$.
Step2: Calculate total monthly expenses
Sum up all expenses: $E=825 + 110+100 + 150+25+225+275+100+25+50=1885$.
Step3: Calculate monthly savings
Monthly savings $S=I - E=2075.44−1885 = 190.44$.
Step4: Calculate 3 - month savings
Three - month savings $T = S\times3=190.44\times3 = 571.32$.
Step5: Compare with TV cost
The TV costs $1399.99$. Since $571.32<1399.99$.
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No, she will not have enough saved to pay cash.