Fred’s net monthly income is $3933.12 Rental: $700 Car Payment: $363.75 Car Insurance: $46.16 Life Insurance: $8793.75 Savings: (Fred wants to save 5% of his monthly income.) Fred estimates that she will need: $100 a month for electricity $240 a month for food $60 a month for cable and Internet $100 a month to rent furniture $75 a month for phone $100 a month for gas used for heating $100 a month for car expenses (gas and incidentals) $70 a month for entertainment $50 a month for clothing What is Fred's total monthly expenses?
Add up these expenses. What do you get? We'll be glad to check your answer.
To find Fred's total monthly expenses, we need to add up all the expenses listed. Let's break it down and calculate:
Monthly Expenses:
- Rental: $700
- Car Payment: $363.75
- Car Insurance: $46.16
- Life Insurance: $8793.75
- Savings (5% of monthly income): 5% of $3933.12 = $196.65
- Electricity: $100
- Food: $240
- Cable and Internet: $60
- Furniture Rental: $100
- Phone: $75
- Gas for Heating: $100
- Car Expenses (Gas and Incidentals): $100
- Entertainment: $70
- Clothing: $50
Now let's add all the expenses together:
$700 + $363.75 + $46.16 + $8793.75 + $196.65 + $100 + $240 + $60 + $100 + $75 + $100 + $100 + $70 + $50 = $11,256.31
Therefore, Fred's total monthly expenses amount to $11,256.31.