To find the percentage of the total monthly income that the Sanchez family set aside for savings, we first need to calculate the total monthly income. We do this by adding up all the budget items.
Here are the budget items:
- Food: $500
- Transportation: $300
- Miscellaneous: $700
- Clothing: $200
- Housing: $900
- Education: $1,200
- Saving: $1,000
Now, let's calculate the total:
\[ \text{Total Budget} = 500 + 300 + 700 + 200 + 900 + 1200 + 1000 \]
\[ \text{Total Budget} = 500 + 300 = 800 \] \[ 800 + 700 = 1500 \] \[ 1500 + 200 = 1700 \] \[ 1700 + 900 = 2600 \] \[ 2600 + 1200 = 3800 \] \[ 3800 + 1000 = 4800 \]
So the total monthly income is $4,800.
Next, we find the percentage set aside for savings:
\[ \text{Savings} = 1000 \]
We use the formula for percentage:
\[ \text{Percentage of Savings} = \left( \frac{\text{Savings}}{\text{Total Income}} \right) \times 100 \]
Substituting in the values:
\[ \text{Percentage of Savings} = \left( \frac{1000}{4800} \right) \times 100 \]
Calculating that:
\[ \text{Percentage of Savings} = \left( 0.20833 \right) \times 100 \approx 20.8333 \]
Rounding to the nearest hundredth:
\[ 20.83% \]
Thus, approximately 20.83% of the total monthly income was set aside for savings.
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