Question

Tom's real estate office reports that the office's income last month was $315,600, while expenses were $19,567.20. What percent of last month's income was spent on office expenses?

Answer 1

6.2% of last month's income was spent on office expenses

Explanation:

1. Let's review the information given to us to answer the question correctly:

Office's income last month = $ 315,600

Expenses last month = $ 19,567.20

2. What percent of last month's income was spent on office expenses?

To calculate this percent, we use this fraction:

Expenses last month/Office's income last month

Replacing with the real values:

19,567.20/315,600 = 6.2%

6.2% of last month's income was spent on office expenses