Question

Housing costs are what percentage of monthly net income? Use the budget sheet to calculate. Round your answer to the nearest whole percent. % Budget sheet for monthly net income of 1875 dollars - first column Expense, second column Cost in dollars, third column Percent of monthly net income unknown (question mark). First row Expense housing, Cost 430. Second row food, Cost 300. Third row Expense utilities, Cost 125. Fourth row Expense transportation, Cost 320. Fifth row Expense savings, Cost 500. Sixth row Expense other, Cost 200. Final row Total expenses, Cost 1875.

Answer 1

See below

Explanation:

The formula for calculating percent is

% = (cost of item/total cost) × 100 %

% = (cost of item/1875) × 100 %

% = (cost of item/18.75) %

You can use the same formula to calculate the percent for each item in the budget. For example,

Housing: % = 420/18.75 = 22 %

You can do this for each budget item and get the table below.

`\begin{array}{lrr}\text{Expense} & \text{Cost} & \%\\\text{Housing} & 430 & 22\\\text{Food} & 300 & 16\\\text{Utilities} & 125 & 7\\\text{Transportation} & 320 & 17\\\text{Savings} & 500 & 27\\\text{Other} & 200 & 11\\\text{TOTAL} & 1875 & 100\\\end{array}`