Information for question 7-9: Lets assume there is no tax on your income. Your...
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Finance
Information for question 7-9:
Lets assume there is no tax on your income.
Your salary is $5,000 per month. Your monthly mortgage payment is $1,000, monthly student loan payment is $500, monthly utility bill is $200. Your monthly credit card payment is $1,000,
Your dividend income is $600 per year and interest income is $60 per year.
Your weekly grocery expenses are $100/week (assume 4 weeks in a month).
Your semi-annual property tax payment is $1,200, and your semi-annual auto-insurance payment is $480.
Whats your average monthly income?
Question 7
a. $5,505
b. $5,055
c. None of the other answers
d. $5,550
Question 8
Whats your average monthly expenses?
a. $3,380
b. $3,830
c. $3,308
d. None of the other answers
Question 9
Based on your average monthly income and expenses, what % of your income can you save every month?
a. 34.13%
b. 31.34%
c. None of the other answers
d. 33.14%
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