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Monthly Income and Expenses

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A.Select the first three letters of your last name. Each letter has a numerical place value in the alphabet; for example D is 4, L is 12 and Z is 26. Add the three place values together; for example Wallace would yield WAL which is 23+1+12 = 36. Show your work.

D=4 R=18 E=5 Drewes would yield DRE which is 4+18+5= 27.

b.Multiply your sum by 1200. This is your yearly income for the Week Four Discussion. Most everyone should have a different yearly income, unless the same last name is shared by two people.

36 x 1200= $32,400 yearly income
Using the number from above, 27 x 1200 = $32,400.

c.Each student has these monthly expenses: Car payment = $236.95, Power bill = $56.77, Water bill = $32 and cell phone bill = $63.42.

The total of these three expenses is 236.95 + 56.77 + 32.00 + 63.42 = $389.14 per month.

d.Each student also has a yearly educational bill of $7800 which includes textbooks and classes.

Including this (a $7800 yearly expense is $650 monthly), the expenses now come to $1039.14 per month.

e.Calculate your monthly income. Round to the nearest cent. Show your work.

$32,400 / 12 = $2700 per month.

f.What percent of your monthly income is the car payment?

$236.95 / $2700 = 0.087759 = 8.7759%

g.Subtract your monthly expenses listed in part c. Use this value and calculate what percent of your income is now available to spend for food, clothing and your rent or mortgage.

(I need to find out the calculation in g, the percent of my income that is now available to spend for food, clothing and rent/mortage, I'm not sure how to find it in this problem) (Please use all the calculations I have on here)

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g.Subtract your monthly expenses listed in part c. Use this value and calculate ...

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