11) Over the coming year, Jim and lona want to save $6000 for a vacation. Their total net income is $65 000/year. They earn about $75/month from investments. They currently have the following expenses: a) Convert all of the income and expense items into monthly amounts. Which are fixed and which are variable? [30] Item Income. Investments Mortgage payment and Property Tax Home Insurance Car Insurance Utility Cost Phone/Cable Cost Vehicle Lease Gasoline Cost Retirement Savings Plan Contributions Grocery Costs Clothing Costs . . . Jim and lona's Expenses bi-weekly mortgage payment and property tax of $675 $650/year for home insurance and $1050/year for car insurance utility costs that average $230/month phone/cable costs of $75/month vehicle lease of $410/month, which includes maintenance . gasoline costs of $175/month retirement savings plan contributions of $225 bi-weekly grocery costs of $160/week clothing costs of $3000/year entertainment costs of $120/week charitable donations of $1000/year miscellaneous costs of $150 bi-weekly Fixed or Variable. Monthly Amounts MAP4C1 Chapter 8: Budgets ISP Entertainment Costs Charitable Donations Miscellaneous Costs b) Using your answers from part a), design a monthly budget for Jim and lona that shows fixed and variable costs. Recall, you should always round your budget to the nearest dollar value. [10]