Question

Mike's monthly pay after taxes is 2,300• he spends 30% of his pay on rent and 10% on utilities• he saves 5% of his pay each month.•he gives 1/10 of his pay to local charity.how much of Mike's pay is left for other purposes?

Answer 1

For this exercise you need to remember that a percent can be written as a Decimal number by dividing it by 100.

• You know that he spends 30% on rent and 10% on utilities, this gives a total of 40%. This percent written as a Decimal number, is:

$\frac{40}{100}=0.4$

After the pay these things, the amount of money left is:

$2,300dollars-(2,300dollars)(0.4)=1,380dollars$

• Since he saves 5% of his pay each month, the amount of money left is:

$2,300dollars-(2,300dollars)(\frac{5}{100})=2,185dollars$

• The amount of money left after he gives money to the charity, is:

$2,300dollars-(2,300dollars)(\frac{1}{10})=2,300dollars-(2,300dollars)(0.1)=2,070$

Knowing the above, you can calculate the amount of money left for other purposes as following:

$2,300dollars-(2,300dollars)(0.4+0.05+0.1)=1,035dollars$

The amount of money left for other purposes, is:

$1,035dollars$