the fany budget is: food $450, housing $300, insurance $122, personal $80, misc. $80, clothing $160, savings $150, transportation $178. what percent of take home pay is spent for education if education, savings, and misc. funds are used for education?
What is the take home pay?
How much is the family spending on education?
The take home pay is 1,600
please help.How much is the family spending on education?
The figures add up to 1520. Can we assume that the remainder ($80) is spent on education?
80 + 150 + 80 = 310
100 (310/1600) = ?
To find the percentage of take-home pay spent on education, we need to calculate the total amount spent on education and then divide it by the take-home pay. Here's how you can do it:
1. Calculate the total amount spent on education:
Add the amounts allocated for education, savings, and misc. funds:
Education + Savings + Misc. = $0 + $150 + $80 = $230
2. Calculate the take-home pay:
To find the take-home pay, subtract all the expenses from the total budget:
Total Budget = Food + Housing + Insurance + Personal + Misc. + Clothing + Savings + Transportation
= $450 + $300 + $122 + $80 + $80 + $160 + $150 + $178 = $1,520
Take-Home Pay = Total Budget - Total Expenses (excluding education)
= $1,520 - $230 = $1,290
3. Calculate the percentage spent on education:
Divide the amount spent on education ($230) by the take-home pay ($1,290) and then multiply by 100 to get the percentage:
Percentage = (Amount spent on education / Take-home pay) x 100
= ($230 / $1,290) x 100
≈ 17.83%
Therefore, approximately 17.83% of the take-home pay is spent on education.