What percentage of the budget is spent on housing?Category Amount spent per monthHousing $1,302Taxes $1,550Food $558Clothing $124Entertainment $124Transportation $372College Savings $558Retirement Savings $558Gasoline $248Emergency Savings $310Utilities $496Question 2 options:15%30%21%17%
Accepted Solution
A:
Housing is 21% of the total budgetStep-by-step explanation:Step 1: List all the categories and the amount spent on themHousing $1,302
Taxes $1,550
Food $558
Clothing $124
Entertainment $124
Transportation $372
College Savings $558
Retirement Savings $558
Gasoline $248
Emergency Savings $310
Utilities $496Step 2: Calculate the total amount being spent in a monthAdd all the categoriesTotal = 1302 + 1550 + 558 + 124 +124 + 372 + 558 + 558 + 248 + 310 + 496 Total = 6200Step 3: Calculate the percentage of amount spent on housingPercentage = [tex]\frac{Amount spent on housing}{Total Amount spent}[/tex] * 100Percentage = [tex]\frac{1302}{6400}[/tex] * 100Percentage = 20.34% rounded up to 21%Therefore, the amount spent on housing is 21% of the entire budget.Keyword: PercentageLearn more about percentage at