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July 29, 2015

Homework Help: Problem Solving

Posted by Judy on Saturday, April 18, 2009 at 4:49am.

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 Michaelís 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

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