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:
Gas (heat) 65
Car payment 300
Car insurance 70
Fuel for car 80
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 - Writeacher, Saturday, April 18, 2009 at 8:07am
- Problem Solving - Ed, Sunday, April 19, 2009 at 6:21pm
I was asked the same problem in my class. 88.75 left weekly
- Problem Solving - Justin, Thursday, February 11, 2010 at 11:19am
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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