Question

Use the following to determine your monthly balance for a monthly net income of $2,700. Monthly Expenses of: Fixed $625; living $1,200; Annual monthly $625 *

Answer 1

The net income is the difference between the gross income and the total expenses

The net monthly balance is $1975

How to determine the net balance

The monthly income is given as:

Income = $2700

The expenses are given as:

Fixed $625;

Living $1,200 (Annual)

The living expense is given per annual.

So, we start by calculating the monthly living expense

This gives

Living =$1200/12

Living = $100

The net balance is then calculated as:

Net = Income - Living - Fixed

This gives

Net = $2700 - $100 - $625

Net = $1975

Hence, the net income is $1975

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