Certainly! Let's break down the problem step-by-step to find what percent Joanne's monthly fixed expenses represent of her net monthly income.
1. Understand the given values:
- Joanne's monthly budget for fixed expenses is \[tex]$880.
- Joanne nets \$[/tex]1960 semimonthly (every half month).
2. Calculate Joanne's net monthly income:
Since Joanne nets \[tex]$1960 semimonthly, we need to determine how much she earns in one full month. There are two half-month periods in a month, so we multiply the semimonthly income by 2.
\[
\text{Net monthly income} = 1960 \times 2 = 3920
\]
Therefore, Joanne's net monthly income is \$[/tex]3920.
3. Calculate the percentage of the net monthly income that Joanne's fixed expenses constitute:
To find the percentage, we use the formula:
[tex]\[
\text{Percentage of expenses} = \left( \frac{\text{Fixed expenses}}{\text{Net monthly income}} \right) \times 100
\][/tex]
Plug in the values we have:
[tex]\[
\text{Percentage of expenses} = \left( \frac{880}{3920} \right) \times 100
\][/tex]
4. Compute the result:
Simplify the fraction [tex]\(\frac{880}{3920}\)[/tex]:
[tex]\[
\frac{880}{3920} \approx 0.22448979591836735
\][/tex]
Next, convert this to a percentage:
[tex]\[
0.22448979591836735 \times 100 \approx 22.448979591836736
\][/tex]
Rounding it to a reasonable precision, Joanne's fixed expenses constitute approximately 22.45% of her net monthly income.
So, Joanne's fixed expenses of \[tex]$880 each month represent approximately 22.45% of her net monthly income of \$[/tex]3920.
