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Jim and Alice Lange, employees at Wal-Mart, have put themselves on a strict budget. Their goal at year’s end is to buy a boat for $15,000 in cash. Their budget includes the following:
40% food and lodging 20% entertainment 10% educational
Jim earns $1,900 per month and Alice earns $2,400 per month. After one year, will Alice and Jim have enough cash to buy the boat?
How much money will they both (together) make in a year? How much of it do they have to spend on food, entertainment and education? How much will they have left? Will it be enough for the boat?
Hi,
Jim makes $22,800 in 1 year.
Alice makes $28,800 in 2 years.
(Multiply each monthly amount by 12)
Total income is $51,600 per year (add them together).
They have budgeted a total of 70%.
That leaves 30% (which is 100% minus 70%)
If this 30% is for the boat, then Yes, they can buy the boat.
Because:
30% of $51,600 = $15,480, which they have at the end of the year.
(just multiply .30 times $51,600)
They have $480 after buying the boat.
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