Question

name vana date oct - 14 do you have enough money for your ipod 9.0? can you really afford to eat lunch at red lobster every day? is purchasing the camaro a good idea? while spending money may feel like a lot of fun, what if you dont have it? even worse, what if you dont even think about these kinds of things? in the united states, we live in a culture of consumption, but as recent market crashes have pointed out, we need to improve our financial literacy. in this assignment, you will analyze an individuals sources of income and expenses. in each case, the individual is asking the question “can i afford this?” roanoke database engineer (full - time) age 25 family single goal: roanoke would like to purchase a new hd monitor. monthly budget income salary $2200 expenses housing $850 transportation $200 health insurance $80 cell phone $90 groceries $240 utilities $200 loans (credit cards, student loan) $250 savings $150 available funds ?????? the hd monitor roanoke would like to have for his pc is $188. will he have enough available funds in order to purchase it? over the weekend, there was a database disaster at his job. roanoke has been called in for overtime. if he gets paid $25/hour for overtime, how many hours will he need to work in order to buy the monitor?

Explanation:

Step1: Calculate total expenses

Add up all expense - items: $850 + 200+80 + 90+240+200+250+150=\$2060$

Step2: Calculate available funds

Subtract total expenses from income. Income is $2200$. Available funds = $2200 - 2060=\$140$

Step3: Check if can afford the monitor

The monitor costs $188$. Since $140<188$, Roanoke does not have enough available funds from his regular budget.

Step4: Calculate overtime hours needed

Let $h$ be the number of overtime hours. We know that the rate is $25$ per hour and he needs $188 - 140 = 48$ more dollars. Using the formula $25h=48$, $h=\frac{48}{25}=1.92$ hours.

Answer:

No, he does not have enough available funds from his regular budget. He needs to work 1.92 overtime hours to afford the monitor.