Niket is creating a personal budget. He plans to save 20% of his income. If he has a monthly income of $3,500, how much money does he intend to save each month?(1 point)

Answer 1

To calculate how much Niket intends to save each month, you can take 20% of his monthly income of $3,500.

20% can be expressed as a decimal, which is 0.20.

Now, calculate the savings:

\[ \text{Savings} = \text{Income} \times \text{Savings Rate} = 3,500 \times 0.20 = 700 \]

So, Niket intends to save $700 each month.