question 9 (4 points)\nyou are developing a personal mid - term financial plan for the next three to five…

question 9 (4 points)\nyou are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $7,800.06. 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 9 (4 points)\nyou are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $7,800.06. 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 for savings & debt repayment

Monthly income = $7800.06, Percentage for savings & debt repayment = 20% or 0.2.

Step2: Calculate the budget amount

Budget amount = Monthly income × Percentage for savings & debt repayment. $7800.06\times0.2 = 1560.012$.

Step3: Round to the nearest cent

Rounding 1560.012 to the nearest cent gives $1560.01$.

Answer:

$1560.01$