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Jim and Iona need to save $7500 over the next 12 months to start her own small business. Their monthly pay cheque after payroll deductions is $3000. She earns an average of $50 a month from investments. They prepare a list of their expenses. a) Convert all amounts to monthly amounts. b) Are there expenses that you think Jim and Iona has forgotten to include? Explain. Estimate the monthly amount for any missing expenses. c) Create a monthly budget that shows fixed and variable expenses in each budget category. Group items where appropriate. Include any estimates from part c. _ d) What percent of Jim's and Iona's costs are fixed? Why is this important? e) Can Jim and Iona meet their savings goal with her current income and expenses? If not, in which categories might they be able to cut back on costs? Jim and lona's Expenses . bi-weekly mortgage payment and property tax of $675 $650/year for home insurance and $1050/year for car insurance utility costs that average $230/month • phone/cable costs of $75/month vehicle lease of $410/month, which includes maintenance gasoline costs of $175/month retirement savings plan contributions of $225 bi-weekly grocery costs of $160/week clothing costs of $3000/year entertainment costs of $120/week charitable donations of $1000/year miscellaneous costs of $150 bi-weekly

Jim and Iona need to save $7500 over the next 12 months to start her own small business. Their monthly pay cheque after payroll deductions is $3000. She earns an average of $50 a month from investments. They prepare a list of their expenses. a) Convert all amounts to monthly amounts. b) Are there expenses that you think Jim and Iona has forgotten to include? Explain. Estimate the monthly amount for any missing expenses. c) Create a monthly budget that shows fixed and variable expenses in each budget category. Group items where appropriate. Include any estimates from part c. _ d) What percent of Jim's and Iona's costs are fixed? Why is this important? e) Can Jim and Iona meet their savings goal with her current income and expenses? If not, in which categories might they be able to cut back on costs? Jim and lona's Expenses . bi-weekly mortgage payment and property tax of $675 $650/year for home insurance and $1050/year for car insurance utility costs that average $230/month • phone/cable costs of $75/month vehicle lease of $410/month, which includes maintenance gasoline costs of $175/month retirement savings plan contributions of $225 bi-weekly grocery costs of $160/week clothing costs of $3000/year entertainment costs of $120/week charitable donations of $1000/year miscellaneous costs of $150 bi-weekly

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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Jim and Iona need to save $7500 over the next 12 months to start her own small business. Their monthly pay cheque after payroll deductions is $3000. She earns an average of $50 a month from investments. They prepare a list of their expenses. a) Convert all amounts to monthly amounts. b) Are there expenses that you think Jim and Iona has forgotten to include? Explain. Estimate the monthly amount for any missing expenses. c) Create a monthly budget that shows fixed and variable expenses in each budget category. Group items where appropriate. Include any estimates from part c. _ d) What percent of Jim's and Iona's costs are fixed? Why is this important? e) Can Jim and Iona meet their savings goal with her current income and expenses? If not, in which categories might they be able to cut back on costs? Jim and lona's Expenses . bi-weekly mortgage payment and property tax of $675 $650/year for home insurance and $1050/year for car insurance utility costs that average $230/month • phone/cable costs of $75/month vehicle lease of $410/month, which includes maintenance gasoline costs of $175/month retirement savings plan contributions of $225 bi-weekly grocery costs of $160/week clothing costs of $3000/year entertainment costs of $120/week charitable donations of $1000/year miscellaneous costs of $150 bi-weekly
Transcribed Image Text:Jim and Iona need to save $7500 over the next 12 months to start her own small business. Their monthly pay cheque after payroll deductions is $3000. She earns an average of $50 a month from investments. They prepare a list of their expenses. a) Convert all amounts to monthly amounts. b) Are there expenses that you think Jim and Iona has forgotten to include? Explain. Estimate the monthly amount for any missing expenses. c) Create a monthly budget that shows fixed and variable expenses in each budget category. Group items where appropriate. Include any estimates from part c. _ d) What percent of Jim's and Iona's costs are fixed? Why is this important? e) Can Jim and Iona meet their savings goal with her current income and expenses? If not, in which categories might they be able to cut back on costs? Jim and lona's Expenses . bi-weekly mortgage payment and property tax of $675 $650/year for home insurance and $1050/year for car insurance utility costs that average $230/month • phone/cable costs of $75/month vehicle lease of $410/month, which includes maintenance gasoline costs of $175/month retirement savings plan contributions of $225 bi-weekly grocery costs of $160/week clothing costs of $3000/year entertainment costs of $120/week charitable donations of $1000/year miscellaneous costs of $150 bi-weekly
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