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
It's not posting the whole problem when I put it in. The rest is
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
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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?
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?
Answer BTW is 88.75
All the information is there but have to assume that he starts working at the beginning of the month…does not get his first check held back and all his bills are currently caught up. Also have to assume we are at the beginning of the month now and have all month to save for these bills before they are due.
So, assuming all those things are correct:
$500+$80+$65+$300+$70+$80+$150+$200=$1,445 total for his monthly bills
$900*2= $1,800 total he makes
$1,800(income)-$1,445(bills) =$355/mo. (extra)
$355/4(wks) = $88.75/wk. for leisure