question 17 (4 points)\nyou are developing a personal mid - term financial plan for the next three to five…

question 17 (4 points)\nyou are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $7,786.40. you want to follow the 50:30:20 rule for budgeting, where 50% of your income goes to needs, 30% to wants, and 20% to savings & debt repayment. based on the 50:30:20 rule, how much should you budget for savings & debt repayment?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

question 17 (4 points)\nyou are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $7,786.40. you want to follow the 50:30:20 rule for budgeting, where 50% of your income goes to needs, 30% to wants, and 20% to savings & debt repayment. based on the 50:30:20 rule, how much should you budget for savings & debt repayment?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

Answer

Explanation:

Step1: Identify the income and percentage

The monthly income is $7,786.40 and the percentage for savings & debt repayment is 20% or 0.2 in decimal form.

Step2: Calculate the budget amount

Multiply the income by the percentage: $7786.40\times0.2$. $7786.40\times0.2 = 1557.28$

Answer:

$1557.28$