Question

James has established the following monthly budget for himself: Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300 Food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $175 Entertainment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $125 Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200 Car loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $250 Personal needs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50 Miscellaneous. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25 Insurance payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $125 How much does James earn each month? (Assume that the budget above accounts for James’s entire monthly income.)

Answer 1

Answer:

James's monthly income is $1250.

Step-by-step explanation:

If the budget accounts for James's entire monthly income, the sum of the cost of all the items on the budget is his total monthly income.

Income = 300 + 175 + 125 + 200 + 250 + 50 + 25 + 125 = $1250

Answer 2

James earns $1250 each month.

How to elaborate the problem ?

James fix a budget for every month with the money he earns every month.

He uses $300 for house rent.

He uses $175 for food.

He uses $125 for entertainment

His savings is $200

He pays $250 to car loan.

He uses $50 for personal needs

$25 is for miscellaneous.

& $125 for insurance payments.

What is his monthly earning ?

According to the question,

The budget accounts for James’s entire monthly income.

So, we have to add all expenses to find his monthly earning.

∴ His monthly earn = $(300+175+125+200+250+50+25+125)

                                = $1250

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