Imagine you have a job where you earn $700 each week after taxes. Your monthly living expenses include $725 for rent, $125 for utilities, $120 for cable/internet, $35 for cellphone, and $48 for bus fare. You also have $1,100 in credit card debt that requires a minimum monthly payment of $78. You have also been keeping track of your expenses for several months by writing down everything you purchase. You found that you spend around $600 on groceries and $225 on dining out and entertainment. What is your monthly income?

The monthly income is $844.

Given:

To find: The monthly income

The monthly income refers to the amount of money left over each month after paying all expenses.

Evaluating, we have,

The total monthly expense = $()

That is, the total monthly expense is $1956.

It is given that weekly earning after taxes is $700. Since a month contains 4 weeks, we can say that monthly earning after taxes is $(), that is, $2800.

Then, monthly income is given by the difference between the monthly earnings and the monthly expenses. So, monthly income is $(), that is, $844.

The monthly income is $844.

Learn more about income and expenses here:

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