question 33 (3 points)\nyou are developing a personal mid - term financial plan for the next three to five…

question 33 (3 points)\nyou are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $5,103.04. 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 33 (3 points)\nyou are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $5,103.04. 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 $5103.04$ 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: $5103.04\times0.2$. $5103.04\times0.2 = 1020.608$

Answer:

$1020.61$