Laurel has a monthly budget that breaks down as follows:

Question

25
%
25% for housing,
20
%
20% for food,
15
%
15% for utilities,
20
%
20% for savings,
10
%
10% for entertainment, and
10
%
10% for personal items. Laurel has a net income of
$
5500
$5500 each month.

Calculate the amount of money that Laurel has for savings each month.

Laurel has $
for savings.

Answer 1

To calculate the amount of money that Laurel has for savings each month, we will use the percentage allocated for savings and apply it to her net income.

Laurel allocates 20% of her monthly budget for savings. Her net income is $5500.

To find the savings amount:

\[ \text{Savings} = \text{Net Income} \times \text{Savings Percentage} \]

\[ \text{Savings} = 5500 \times 0.20 \]

\[ \text{Savings} = 5500 \times 0.20 = 1100 \]

Thus, Laurel has $1100 for savings each month.