Budgeting Math

If you have a total income of $5000 and total expenses of $3700, what is your final balance?

• $1500

• $1300

• $1100

• $900

If you spend $250 on groceries, $80 on gas, $70 on clothes, and $90 on other expenses, what are your total expenses?

• $490

• $530

• $375

• $565

If Kelly wants to buy a new phone for $900 in 7 months from now, how much money should she save every month?

• $100

• $128.57

• $137.62

• $120

If Jim was to buy Pam a wedding ring for $12,000 he would need a loan. He knows he can get a loan with 8.7% interest. How much would he end up paying in interest?

• $1,044

• $1230

• $984

• $1352

If Andy were to buy a new Prius for $15,000 with a 6.2% interest rate on the loan, how much would he pay including interest?

• $15,930

• $16,250

• $15,326

• $15,555

Jim has just begun a new job as a sports writer. It will pay him $3500 every month. He also knows that he usually spends $400 on groceries, $1300 on childcare for his two children, $1100 on his house payment, $150 on gas and travel, and an additional $400 every month on other expenses. What are Jim's total expenses?

• $3250

• $3350

• $3400

• $3650

Typically, Toby plans to spend about $550 on Christmas for his entire family, and has saved up that amount. He has already bought a new tv for $275, some video games for $150, some new clothes for his daughter $50, and some stocking stuffers for another $50. How much of his Christmas budget will Toby have left?

• $75

• $50

• $25

• None. He went over budget!

Angela has been wanting to purchase a pure-bred show-cat named Princess Lady. The cat’s current owner has said that she would potentially share Princess Lady 9 months from now if Angela could pay $2800. How much will Angela need to save every month?

• $311.11

• $254.54

• $280.00

• $350.00

Michael’s girlfriend, Jan, has recently moved in with him after losing her job. Jan has decided that her new job will be to re-decorate Michael’s condo.

Every month, Michael receives a paycheck for $5,350. Typically, his monthly expenses are no more than $4,300. However, this month alone, Jan wants to paint the entire condo for $700, retile the entire bathroom for $875, and buy new custom curtains for $200.

Is Michael's final monthly balance enough to pay for these renovations?

• Yes, Michael will have more than enough money left over.

• Yes, although it will only just fit.

• No, the amount Jan wants to spend is more than Michael's final monthly balance.

• Let's just cross our fingers and find out!

If Roy buys a jet ski for $18,500 at an interest rate of 8.2%, how much interest will Roy end up paying?

• $1432

• $1687

• $1517

• $1579