Welcome to Westonci.ca, where finding answers to your questions is made simple by our community of experts. Connect with a community of experts ready to provide precise solutions to your questions quickly and accurately. Discover detailed answers to your questions from a wide network of experts on our comprehensive 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 hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.
