Eugene is using the Quantitative Reasoning Process to create a monthly budget.Calculate the net monthly cash flow for Eugene’s expenses and income.(Assume 4 weeks per month and 12 months per year. This means we will assume 48 weeks in a year.)Income ExpensesPart-time job: $600/month Rent: $564/monthCollege fund from Grandparents: $300/month Groceries: $71/weekScholarship: $4,440/year Tuition and fees: $2,129 twice per yearMiscellaneous: $88/week (Round your answer to the nearest whole dollar, and don't include the dollar sign.)
Question
Eugene is using the Quantitative Reasoning Process to create a monthly budget.Calculate the net monthly cash flow for Eugene’s expenses and income.(Assume 4 weeks per month and 12 months per year. This means we will assume 48 weeks in a year.)Income ExpensesPart-time job: 564/monthCollege fund from Grandparents: 71/weekScholarship: 2,129 twice per yearMiscellaneous: $88/week (Round your answer to the nearest whole dollar, and don't include the dollar sign.)
Solution
First, let's calculate Eugene's total monthly income:
- Part-time job: $600/month
- College fund from Grandparents: $300/month
- Scholarship: 4,440 ÷ 12 = $370/month
- Miscellaneous: 88 x 4 = $352/month
Total monthly income = 300 + 352 = $1,622
Next, let's calculate Eugene's total monthly expenses:
- Rent: $564/month
- Groceries: 71 x 4 = $284/month
- Tuition and fees: 2,129 ÷ 6 = $355/month
Total monthly expenses = 284 + 1,203
Finally, to calculate the net monthly cash flow, subtract the total monthly expenses from the total monthly income:
Net monthly cash flow = Total monthly income - Total monthly expenses = 1,203 = $419
So, Eugene's net monthly cash flow is $419.
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