SOLUTION: Jim Lawler spends 28% of his income on housing, 15% on food, 11% on clothing, 15% on transportation, 11% on education, 7% on recreation, and saves the balance. If his savings amoun
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Question 512838: Jim Lawler spends 28% of his income on housing, 15% on food, 11% on clothing, 15% on transportation, 11% on education, 7% on recreation, and saves the balance. If his savings amount to $266.50 per month, what are his monthly earnings. Answer by Maths68(1474) (Show Source):
You can put this solution on YOUR website! Jim Lawler spends on Housing = 28%
Jim Lawler spends on Food = 15%
Jim Lawler spends on Clothing = 11%
Jim Lawler spends on Transportation = 15%
Jim Lawler spends on Education = 11%
Jim Lawler spends on Recreation = 07%
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Total Expenditure = (28+15+11+15+11+07)%=87%
Total Saving = 100%-87%=13%
His total saving is 13% which is $266.50
Let Jim monthly income is x
13%x=266.5
13/100(x)=266.5
x=266.5(100/13)
x=2050
His monthly earning is $2050
Check
Jim Lawler spends on Housing = 28% = 0.28*2050= $574
Jim Lawler spends on Food = 15% =0.15*2050=$307.50
Jim Lawler spends on Clothing = 11% = 0.11*2050=$225.50
Jim Lawler spends on Transportation = 15% =0.15*2050=$307.50
Jim Lawler spends on Education = 11% =0.11=2050=$225.50
Jim Lawler spends on Recreation = 07% = $143.5
Total Expenditure = (574+307.50+225.50+307+225.50+143.50)=1783.5
Jim Lawler saving = $266.50
Total Earning = Saving + Expenditures
Total Earning = 266.50+ 1783.50 = $2050
