Question

1. family annual income: $80,000 credit card monthly payment:$200 savings 4. savings are important. for this assignment, you are required to save 10% of your gross monthly salary, but you can save more if you want to. remember, savings are used for large purchases and for emergencies. savings are a must!!! my gross monthly salary (you will need to figure this out) x 10% = monthly savings amount other savings accounts: (if you want to break up your savings into different accounts ie. emergency fund/school savings) $ $ $

Explanation:

Step1: Calculate gross monthly salary

$\frac{\$80,000}{12} \approx \$6666.67$

Step2: Compute required monthly savings

$\$6666.67 \times 10\% = \$666.67$

Answer:

My gross monthly salary: $\$6666.67$
Monthly savings amount: $\$666.67$
Other Savings Accounts (example split):
Emergency Fund: $\$333.34$
School savings: $\$333.33$
(Note: The split of savings into sub-accounts can be adjusted as desired, as long as the total equals the monthly savings amount.)