IDNLearn.com makes it easy to find precise answers to your specific questions. Discover the reliable solutions you need with help from our comprehensive and accurate Q&A platform.
Sagot :
Let's break down the budget step by step to determine how Sammy distributes his monthly paycheck of \[tex]$2,362 into various expense accounts and calculate the balance remaining after all expenses.
### 1. Essential (fixed) expenses:
Each month, Sammy allocates \$[/tex]1,292 for essential fixed expenses, which include rent, car payments, and insurance.
### 2. Essential (variable) expenses:
Each month, Sammy allocates \[tex]$420 for essential variable expenses like basic groceries, telephone, electricity, cable TV, and batting practice. ### 3. Non-essential expenses: Each month, Sammy allocates \$[/tex]260 for non-essential expenses such as snacks, restaurants, gifts, and movies.
### 4. Other (predictable) expenses:
Annually, Sammy allocates \[tex]$130 for predictable expenses such as health exams, clothing, food, and a baseball coach magazine. To determine the monthly contribution, we divide the annual amount by 12: \[ \text{Other (predictable) monthly} = \frac{\$[/tex]130}{12} \approx \[tex]$10.83 \] ### 5. Other (unpredictable) expenses: Annually, Sammy allocates \$[/tex]210 for unpredictable expenses like non-insured healthcare, repairs, and income replacement. To determine the monthly contribution, we divide the annual amount by 12:
[tex]\[ \text{Other (unpredictable) monthly} = \frac{\$210}{12} \approx \$17.50 \][/tex]
### 6. Other (long-term) expenses:
Every five years, Sammy allocates \[tex]$50 for vacation savings. To determine the monthly contribution, we divide the five-year amount by the total number of months (5 years * 12 months/year = 60 months): \[ \text{Other (long-term) monthly} = \frac{\$[/tex]50}{60} \approx \[tex]$0.83 \] ### 7. Calculate the remaining balance after all expenses: We sum up all the monthly expenses: \[ \begin{align*} \text{Total monthly expenses} &= \text{Essential (fixed) monthly} + \text{Essential (variable) monthly} + \text{Non-essential monthly} + \text{Other (predictable) monthly} + \text{Other (unpredictable) monthly} + \text{Other (long-term) monthly} \\ &= \$[/tex]1292 + \[tex]$420 + \$[/tex]260 + \[tex]$10.83 + \$[/tex]17.50 + \[tex]$0.83 \\ &= \$[/tex]2001.16
\end{align*}
\]
Next, we subtract the total monthly expenses from the monthly paycheck to find the remaining balance:
[tex]\[ \text{Remaining balance} = \text{Monthly paycheck} - \text{Total monthly expenses} = \$2362 - \$2001.16 \approx \$360.84 \][/tex]
### Summary of the Monthly Budget:
- Essential (fixed) expenses: \[tex]$1,292 - Essential (variable) expenses: \$[/tex]420
- Non-essential expenses: \[tex]$260 - Other (predictable) expenses: \$[/tex]10.83
- Other (unpredictable) expenses: \[tex]$17.50 - Other (long-term) expenses: \$[/tex]0.83
- Remaining balance: \[tex]$360.84 In conclusion, after distributing his monthly paycheck into various expense accounts, Sammy has approximately \$[/tex]360.84 remaining each month.
### 2. Essential (variable) expenses:
Each month, Sammy allocates \[tex]$420 for essential variable expenses like basic groceries, telephone, electricity, cable TV, and batting practice. ### 3. Non-essential expenses: Each month, Sammy allocates \$[/tex]260 for non-essential expenses such as snacks, restaurants, gifts, and movies.
### 4. Other (predictable) expenses:
Annually, Sammy allocates \[tex]$130 for predictable expenses such as health exams, clothing, food, and a baseball coach magazine. To determine the monthly contribution, we divide the annual amount by 12: \[ \text{Other (predictable) monthly} = \frac{\$[/tex]130}{12} \approx \[tex]$10.83 \] ### 5. Other (unpredictable) expenses: Annually, Sammy allocates \$[/tex]210 for unpredictable expenses like non-insured healthcare, repairs, and income replacement. To determine the monthly contribution, we divide the annual amount by 12:
[tex]\[ \text{Other (unpredictable) monthly} = \frac{\$210}{12} \approx \$17.50 \][/tex]
### 6. Other (long-term) expenses:
Every five years, Sammy allocates \[tex]$50 for vacation savings. To determine the monthly contribution, we divide the five-year amount by the total number of months (5 years * 12 months/year = 60 months): \[ \text{Other (long-term) monthly} = \frac{\$[/tex]50}{60} \approx \[tex]$0.83 \] ### 7. Calculate the remaining balance after all expenses: We sum up all the monthly expenses: \[ \begin{align*} \text{Total monthly expenses} &= \text{Essential (fixed) monthly} + \text{Essential (variable) monthly} + \text{Non-essential monthly} + \text{Other (predictable) monthly} + \text{Other (unpredictable) monthly} + \text{Other (long-term) monthly} \\ &= \$[/tex]1292 + \[tex]$420 + \$[/tex]260 + \[tex]$10.83 + \$[/tex]17.50 + \[tex]$0.83 \\ &= \$[/tex]2001.16
\end{align*}
\]
Next, we subtract the total monthly expenses from the monthly paycheck to find the remaining balance:
[tex]\[ \text{Remaining balance} = \text{Monthly paycheck} - \text{Total monthly expenses} = \$2362 - \$2001.16 \approx \$360.84 \][/tex]
### Summary of the Monthly Budget:
- Essential (fixed) expenses: \[tex]$1,292 - Essential (variable) expenses: \$[/tex]420
- Non-essential expenses: \[tex]$260 - Other (predictable) expenses: \$[/tex]10.83
- Other (unpredictable) expenses: \[tex]$17.50 - Other (long-term) expenses: \$[/tex]0.83
- Remaining balance: \[tex]$360.84 In conclusion, after distributing his monthly paycheck into various expense accounts, Sammy has approximately \$[/tex]360.84 remaining each month.
We appreciate your contributions to this forum. Don't forget to check back for the latest answers. Keep asking, answering, and sharing useful information. Thank you for trusting IDNLearn.com. We’re dedicated to providing accurate answers, so visit us again for more solutions.
