scotts expenses every month: rent 200 car insurance — car/gas/transportation 20 health insurance 50…

scotts expenses every month: rent 200 car insurance — car/gas/transportation 20 health insurance 50 utilities 45 phone bill 15 food 300 send money home — fun 135 total: 765 net money each month (money spent - money earned): ___ - ___ = ___ 7. scott recently started a new job. he has no savings. using scotts pay stub and his budget, how much money does scott save each month? ________ 8. scott is thinking about moving to a new apartment. what is the largest rent scott can pay? ________ 9. scott wants to send money home to his family in canada. how much money can he send every month? ________ 10. scott does not have a car. if he buys a new car, he does not need to spend $20 on the bus every month. what do you recommend scott do? should scott buy a new car, or continue to use the bus? why?

scotts expenses every month: rent 200 car insurance — car/gas/transportation 20 health insurance 50 utilities 45 phone bill 15 food 300 send money home — fun 135 total: 765 net money each month (money spent - money earned): ___ - ___ = ___ 7. scott recently started a new job. he has no savings. using scotts pay stub and his budget, how much money does scott save each month? ________ 8. scott is thinking about moving to a new apartment. what is the largest rent scott can pay? ________ 9. scott wants to send money home to his family in canada. how much money can he send every month? ________ 10. scott does not have a car. if he buys a new car, he does not need to spend $20 on the bus every month. what do you recommend scott do? should scott buy a new car, or continue to use the bus? why?

Answer

Explanation:

Step1: Calculate savings

Since the problem doesn't give information about Scott's income and only gives expenses which total to 765, and he has no savings initially, if we assume his income is equal to his expenses for now (as no other info is given), his savings is 0. Savings = Income - Expenses, but with no income info and Expenses = 765, Savings = 0.

Step2: Determine max rent

Without knowing income, if we assume he wants to keep his overall spending the same and re - allocate from other categories, we still don't have enough information to determine a new rent amount. But if we assume he wants to save some money for other things like sending money home, and we consider his current total expenses, we can't accurately calculate a new rent amount. However, if we assume he cuts all non - essential 'fun' spending (135), the most he could potentially pay for rent while keeping other expenses the same is 200 + 135=335. But this is a big assumption.

Step3: Amount to send home

Since we don't know his income, we can't accurately say how much he can send home. If his income is just enough to cover his current expenses (765), he can send 0 home.

Step4: Car - buying decision

Buying a car has many more costs than just the $20 bus expense. There are car purchase costs, insurance, maintenance, gas, etc. Based on the limited information, we know that currently he spends $20 on transportation. Buying a car would likely increase his overall transportation - related expenses significantly. So, it is recommended that he continue using the bus as the additional costs of owning a car are likely to be much higher than the $20 he currently spends on transportation.

Answer:

  1. 0
  2. Insufficient information to determine accurately
  3. 0 (assuming income covers current expenses)
  4. He should continue using the bus. Buying a car has many additional costs beyond the $20 bus expense.