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March 27, 2017

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Upon completion of his degree, Michael is hired as a technician at the rate of $900 every two weeks (after taxes). His monthly bills, payable on the first of the month, are:

Rent $500
Electricity 80
Gas (heat) 65
Car payment 300
Car insurance 70
Fuel for car 80
Groceries 150
Credit cards 200

Given Michael’s current expenses, how much money is available weekly for leisure spending?
Instead of spending his additional earnings each month, Michael chooses to open a savings account offering 3% interest, accrued monthly. Calculate the amount of money Michael will have in his savings account at the end of each of the following periods.

(a) three months
(b) six months
(c) one year

  • Problem Solving - ,

    Incomplete post.

  • Problem Solving - ,

    I was asked the same problem in my class. 88.75 left weekly

  • Problem Solving - ,

    The answer I got was $116.54 weekly. If you divide his bi-weekly in half and multiply by 52 (weeks in a year), then divide by 12 (months).

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