Choose the answer.
Look at Jerry's monthly budget below. What percentage of Jerry's net income is put into his savings?
Net Monthly Income: $2,970.00
Expenses:
Housing: $750.00
Utilities: $120.00
Food: $450.00
Transportation: $650.00
Healthcare expenses: $200.00
Savings: $300.00
Other expenses: $500.00
Total Monthly Expenses: $2,970.00
Question 4 options:
87%
18%
25%
10%
To find the percentage of Jerry's net income that is put into his savings, we divide the amount of money put into savings by the net monthly income and multiply by 100.
Savings: $300.00
Net Monthly Income: $2,970.00
Percentage of savings = (Savings/Net Monthly Income) * 100
Percentage of savings = (300/2970) * 100
Percentage of savings = 0.101 * 100
Percentage of savings = 10.1%
Therefore, 10% of Jerry's net income is put into his savings.
Answer: 10%