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Directions: Answer all questions in complete sentences and show all work to receiv
full credit. For all parts, please use $1,502.45 as your bi-weekly net pay.
Part 1: Build a Budget (15 points)
A. (10 points) Using the categories and percentages below, create a monthly budge
using the monthly net pay given.
1. Choose a percent within the given range. Make sure when choosing each
percent, that the sum of all categories equals 100%. For example, you decide
you want to spend 20% of your budget on housing. 20% for housing plus eac
percent from all other categories will equal 100%.
2. Then, using the bi-weekly net pay of $1,502.45, calculate, in dollars, the
maximum amount you can spend in each category monthly. (Calculate your
monthly net pay and multiply by your chosen percentage.)
• Housing 25% - 35%: percent chosen =
●
●
●
Food/Household 10% - 20%: percent chosen =
Savings 5%-10%: percent chosen =
• Transportation 15% - 20%: percent chosen =
Debt 5%-15%: percent chosen =
I

Answer :

1. The percentages chosen are given as follows:

  • Housing: 35%.
  • Food/Household: 20%.
  • Savings: 20%.
  • Transportation: 20%.
  • Debt: 5%.

2. The maximum amount that can be spent in each category is given as follows:

  • Housing: $525.86.
  • Food/Household: $300.49.
  • Savings: $150.25.
  • Transportation: $300.49.
  • Debt: $225.37.

How to divide the percentages?


The percentages for each of the four applications can be divided in any form, as long as the sum of the five percentages is of 100%.

This is the case for the attributed percentages, as:

35 + 20 + 20 + 20 + 5 = 100.

How to find the maximum amounts?

The maximum amounts are found applying the proportions, multiplying the decimal equivalents of the maximum percentages by the bi-weekly net pay of $1,502.45.

Then the amounts in this problem are calculated as follows:

  • Housing: 0.35 x 1502.45 = $525.86.
  • Food/Household: 0.20 x 1502.45 = $300.49.
  • Savings: 0.10 x 1502.45 = $150.25.
  • Transportation: 0.20 x $1502.45 = $300.49.
  • Debt: 0.15 x 1502.45 = $225.37.

More can be learned about proportions at  https://brainly.com/question/24372153

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