Question

Nancy net annual income is $63,000
1) calculate Nancy net monthly income
2) monthly rent budget
3)monthly food budget
4) monthly transportation
housing 30%
food 20%
transportation 11%

Answer 1

To calculate Nancy's monthly budgets based on her net annual income of $63,000, we can follow these steps:

### 1) Calculate Nancy's Net Monthly Income
To find the monthly income, divide the annual income by 12 months.

\[
\text{Net Monthly Income} = \frac{\text{Net Annual Income}}{12} = \frac{63,000}{12} = 5,250
\]

### 2) Monthly Rent Budget
Housing budget is typically 30% of the net monthly income.

\[
\text{Monthly Rent Budget} = \text{Net Monthly Income} \times 0.30 = 5,250 \times 0.30 = 1,575
\]

### 3) Monthly Food Budget
Food budget is typically 20% of the net monthly income.

\[
\text{Monthly Food Budget} = \text{Net Monthly Income} \times 0.20 = 5,250 \times 0.20 = 1,050
\]

### 4) Monthly Transportation Budget
Transportation budget is typically 11% of the net monthly income.

\[
\text{Monthly Transportation Budget} = \text{Net Monthly Income} \times 0.11 = 5,250 \times 0.11 = 577.50
\]

### Summary of Budgets
- **Net Monthly Income:** $5,250
- **Monthly Rent Budget:** $1,575
- **Monthly Food Budget:** $1,050
- **Monthly Transportation Budget:** $577.50

Feel free to ask if you need further assistance!