A family spends 20% of its 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 its monthly income?
Think of it as 20% of what is 360.
Percent over 100 and is over of.
So, 20/100 = 360/x
360 x 100 = 36000
Divide this by 20 and you will have your answer.
To find the monthly income of the family, we need to set up an equation based on the given information.
Let's assume the monthly income of the family as 'x'.
According to the information provided, the family spends 20% of their income on food, 23% on rent, and 42% on other expenses. Therefore, the amount they save is the remaining balance after deducting these expenses.
The amount saved can be calculated as:
Amount saved = Total income - (Food expenses + Rent expenses + Other expenses)
The amount saved is given as $360 per month. So, our equation becomes:
360 = x - (0.20x + 0.23x + 0.42x)
To solve this equation, we need to combine the like terms and simplify it:
360 = x - (0.20 + 0.23 + 0.42)x
360 = x - 0.85x
360 = 0.15x
To isolate 'x', we divide both sides of the equation by 0.15:
360 / 0.15 = x
2400 = x
Therefore, the family's monthly income is $2400.