Question

1. lily is planning a budget for her monthly take - home pay of $3,000. her expense categories include housing (25%), utilities (7%), food (18%), car payment and insurance (13%), clothing (10%), entertainment (12%), and miscellaneous (10%). the remaining percentage will be for her savings category. how much money will lily have available to deposit into her savings account each month?

$175
$100
$150
$125

Explanation:

Step1: Calculate total percentage of expenses

First, sum up all the expense percentages: \(25\% + 7\% + 18\% + 13\% + 10\% + 12\% + 10\%\)
\[

$$\begin{align*} &25 + 7 + 18 + 13 + 10 + 12 + 10\\ =&32 + 18 + 13 + 10 + 12 + 10\\ =&50 + 13 + 10 + 12 + 10\\ =&63 + 10 + 12 + 10\\ =&73 + 12 + 10\\ =&85 + 10\\ =&95 \end{align*}$$

\]
So total expense percentage is \(95\%\).

Step2: Find savings percentage

Since total should be \(100\%\), savings percentage is \(100\% - 95\% = 5\%\).

Step3: Calculate savings amount

Lily's monthly take - home pay is \(\$3000\). To find \(5\%\) of \(3000\), we use the formula \(\text{Amount}=\text{Total}\times\text{Percentage}\) (in decimal form). \(5\% = 0.05\), so:
\(3000\times0.05 = 150\)

Answer:

\(\$150\)