he Lees have a combined net income of $7181 a month. Find the amount they should allot for each category if they aim to follow the 50/30/20 rule for their budget. Round your answers to the nearest cent, if necessary.
According to the 50/30/20 rule, the Lees should allocate their net income as follows:
50% for Needs
30% for Wants
20% for Savings/Debt repayment
50% of $7181 = $3590.50 for Needs
30% of $7181 = $2154.30 for Wants
20% of $7181 = $1436.20 for Savings/Debt repayment
Therefore, the Lees should allot $3590.50 for Needs, $2154.30 for Wants, and $1436.20 for Savings/Debt repayment each month.