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Solve each problem.

Marcus has a monthly budget that breaks down as follows:
35
%
35% for housing,
22
%
22% for food,
12
%
12% for utilities,
18
%
18% for savings,
5
%
5% for entertainment, and
8
%
8% for personal items. Marcus has a net income of
$
4200
$4200 each month.

Calculate the amount of money that Marcus has each month for entertainment.

Marcus has $
for entertainment.

(b)
Last month Marcus spent
$
480
$480 on food and going out to eat. What percent of his monthly income did he spend on food?

Marcus spent approximately
% of his income on food.

(c)
Marcus wants to increase the amount he is setting aside for savings from
18
%
18% to
20
%
20%. How much more will he be saving?

Marcus will be saving $
more each month.

1 answer

Let's solve each part of the problem step-by-step.

Part (a)

To calculate the amount of money that Marcus has each month for entertainment, we will use the percentage allocated to entertainment and his monthly income.

  1. Identify the percentage for entertainment: \( 5% \)
  2. State Marcus's net income: \( $4200 \)
  3. Calculate the amount for entertainment: \[ \text{Amount for entertainment} = \text{Net Income} \times \text{Percentage for entertainment} \] \[ \text{Amount for entertainment} = 4200 \times 0.05 = 210 \]

Marcus has $210 for entertainment.

Part (b)

To find out what percent of his monthly income Marcus spent on food last month, we will use the amount he spent on food and his net income.

  1. Amount spent on food: \( $480 \)
  2. Net income: \( $4200 \)
  3. Calculate the percentage spent on food: \[ \text{Percentage spent on food} = \left( \frac{\text{Amount spent on food}}{\text{Net Income}} \right) \times 100 \] \[ \text{Percentage spent on food} = \left( \frac{480}{4200} \right) \times 100 \approx 11.43% \]

Marcus spent approximately 11.43% of his income on food.

Part (c)

To determine how much more Marcus will be saving if he increases his savings from 18% to 20%, we can calculate how much each percentage corresponds to his monthly income.

  1. Current percentage for savings: \( 18% \)
  2. New percentage for savings: \( 20% \)
  3. Calculate the current savings amount: \[ \text{Current savings} = 4200 \times 0.18 = 756 \]
  4. Calculate the new savings amount: \[ \text{New savings} = 4200 \times 0.20 = 840 \]
  5. Calculate the increase in savings: \[ \text{Increase in savings} = \text{New savings} - \text{Current savings} \] \[ \text{Increase in savings} = 840 - 756 = 84 \]

Marcus will be saving $84 more each month.

Summary of Answers:

(a) Marcus has $210 for entertainment.
(b) Marcus spent approximately 11.43% of his income on food.
(c) Marcus will be saving $84 more each month.