Janice receives a check from her parents for $1200, which covers her rent of $675 per month, the electricity of approximately $210 per month, and her car payment of $376 per month. She also works at a local restaurant and earns roughly $1300 per month after taxes. Each month, her cell phone costs $210, her car insurance is $184, and she spends about $170 for gas. She also sells her paintings at the flea market. On average, she sells about 6 paintings per month for an average of $50 per painting. Janice has a Hulu account for $45 each month, and her grocery bills average $500 for one month. List each income source and the monthly amount. Calculate the total monthly income. List each expense and the monthly amount. Calculate the total monthly expenses. What is the monthly cash flow? Does Janice have a positive or negative monthly cash flow? What does that mean? Does Janice have money left to save or spend on luxuries each month? If so, how much? Janice wants to set aside money each month for a vacation in Europe next summer that costs $4000. How much money will she need to set aside each month for the next nine months to have this much saved?

17th Edition

ISBN:9780998625713

Author:Lynn Marecek, MaryAnne Anthony-Smith

Publisher:Lynn Marecek, MaryAnne Anthony-Smith

Chapter3: Math Models

Section3.6: Solve Applications With Linear Inequalities

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. Janice receives a check from her parents for $1200, which covers her rent of $675 per month, the electricity of approximately $210 per month, and her car payment of $376 per month. She also works at a local restaurant and earns roughly $1300 per month after taxes. Each month, her cell phone costs $210, her car insurance is $184, and she spends about $170 for gas. She also sells her paintings at the flea market. On average, she sells about 6 paintings per month for an average of $50 per painting. Janice has a Hulu account for $45 each month, and her grocery bills average $500 for one month.

List each income source and the monthly amount.

Calculate the total monthly income.

List each expense and the monthly amount.

Calculate the total monthly expenses.

What is the monthly cash flow?

Does Janice have a positive or negative monthly cash flow? What does that mean?

Does Janice have money left to save or spend on luxuries each month? If so, how much?

Janice wants to set aside money each month for a vacation in Europe next summer that costs $4000. How much money will she need to set aside each month for the next nine months to have this much saved?

Will she be able to do it?

j. What else would you recommend that Janice saves money for each month?

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