Question
| The expenses and income of an individual are given in table form to the right. Find the net monthly cash flow (it may be negative or positive). Assume that amounts shown for salaries and wages are after taxes and that1 month=4 weeks. | Income | Expenses | |
|---|---|---|---|
| Salary: $29,300/year | House payments: $1020/month | ||
| Pottery Sales: $194/month | Groceries: $100/week | ||
| Household expenses: $110/month | |||
| Health insurance:$460/month | |||
| Car insurance:$420
twice a year |
|||
| Savings plan: $45/month | |||
| Donations: $550/year | |||
| Miscellaneous: $590/month |
The net monthly cash flow is
$nothing.
Expert Answer
The net monthly cash flow is computed as shown below:
= Salary + Pottery sales – House payments – groceries – household expense – health insurance – car insurance – savings plan – donations – miscellaneous
= $ 29,300 / 12 + 194 – $ 1,020 – $ 100 x 4 – $ 110 – $ 460 – $ 420 / 6 – $ 45 – $ 550 / 12 – $ 590
= $ 2,441.666667 + $ 194 – $ 1,020 – $ 400 – $ 110 – $ 460 – $ 70 – $ 45 – $ 45.8333333 – $ 590
= – $ 105.17
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