A family spends 20% of It's monthly income on food,23% on rent,and 42% on other expenses and saves the balance.if the family saves $360 per month,what is It's monthly income
0.15x = 360
To find the family's monthly income, we need to work backward from the amount they save.
Let's assume the total monthly income is x.
The family spends 20% of their income on food, which can be calculated as (20/100)x = 0.2x.
They spend 23% on rent, which is (23/100)x = 0.23x.
And they spend 42% on other expenses, which is (42/100)x = 0.42x.
To find the amount they save, we subtract the sum of their expenses from their income:
x - (0.2x + 0.23x + 0.42x) = $360.
Now, let's solve the equation:
x - (0.85x) = $360.
0.15x = $360.
Dividing both sides of the equation by 0.15:
x = $360 / 0.15.
x = $2400.
Therefore, the family's monthly income is $2400.