Question

the expenses and income of an individual are given in table form. find the net monthly cash flow (it could be positive or negative). assume salaries and wages are after taxes, that 1 month = 4 weeks, and that 1 year = 12 months. round your answer to the nearest dollar.
income
expenses
salary: $30,000/year
house payments: $1500/month
jewelry sales $250/month
groceries: $100/week
household expenses: $320/month
car insurance: $400 semiannually
donations: $420/year
miscellaneous: $700/month

a -$502
b -$272
c -$238
d $28

Explanation:

Step1: Calculate monthly salary

The annual salary is $30000$. So the monthly salary is $\frac{30000}{12}= 2500$ dollars.

Step2: Calculate total monthly income

Monthly income from salary plus jewelry sales. So total monthly income $I = 2500+250=2750$ dollars.

Step3: Calculate monthly grocery expense

Grocery is $100$ per week. Since 1 month = 4 weeks, monthly grocery expense is $100\times4 = 400$ dollars.

Step4: Calculate monthly car - insurance expense

Car - insurance is $400$ semiannually. So monthly car - insurance expense is $\frac{400}{6}\approx67$ dollars.

Step5: Calculate monthly donation expense

Donation is $420$ per year. So monthly donation expense is $\frac{420}{12}=35$ dollars.

Step6: Calculate total monthly expenses

Total monthly expenses $E=1500 + 400+320 + 67+35+700=3022$ dollars.

Step7: Calculate net monthly cash - flow

Net monthly cash - flow $=I - E=2750-3022=- 272$ dollars.

Answer:

B. -$272$