he Lees have a combined net income of $7382 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 50% of their net income to needs, 30% to wants, and 20% to savings/debt repayment.
1. Needs: $7382 * 0.50 = $3691
2. Wants: $7382 * 0.30 = $2214.60
3. Savings/Debt repayment: $7382 * 0.20 = $1476.40
Therefore, the Lees should allot $3691 for needs, $2214.60 for wants, and $1476.40 for savings/debt repayment each month.