Information for question 2

Your salary is $5,000 per month, dividend income is $600 per year and interest income is $60 per year. Lets assume there is no tax.

Your monthly mortgage payment is $1,000, monthly student loan payment is $500, monthly utility bill is $200, weekly grocery expenses are $100/week (assume 4 weeks in a month), monthly credit card payment is $1,000, semi-annual property tax payment is $1,200, semi-annual auto-insurance payment is $480.

PART A. Whats your average monthly income?

a. $5,055

b. $5,600

c. $60,660

d. $5,660

PART B. Whats your average monthly expenses?

a. $2,780

b. $3,780

c. $2,080

d. $3,380

PART C. Based on your average monthly income and expenses, what % of your income can you save every month?

a. 45.00%

b. 33.14%

c. 25.22%

d. 58.85%