Question

use the credit karma budget calculator to evaluate the following budget scenarios.

1. scenario: carmen the recent college graduate

income: carmen works as a marketing executive with a gross annual income of \\$42,500. the tax rate on her income is 12\\%.
debt repayment: carmen has a monthly student loan payment of \\$350. she also currently pays a car loan payment of \\$250 per month.
living expenses: carmen lives in an apartment with roommates; her share of the rent is \\$1,200 per month, utilities are \\$75 and her internet and cell phone costs \\$100 each month. groceries are \\$300 a month. her health insurance is covered by her job.
transportation: carmen pays \\$120 for car insurance and \\$150 for gas each month. sometimes she needs car repairs so she budgets \\$300 annually in case.
entertainment and travel: carmen spends about \\$200 on entertainment and pays \\$20 for tv services.
apparel and personal services: carmen spends \\$100 on clothes, gets her nails done twice a month for \\$80 total each month, and works out once a week and pays \\$50 a month for the gym.

Explanation:

Calculate net monthly income

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Calculate total monthly expenses

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Calculate monthly net savings

$$ \text{Net Savings} = \$3,116.67 - \$3,020.00 = \$96.67 $$

Answer:

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