Brain Teasers
Jack's Savings
Jack donates 5% of his household income to various charities. He spends 5% of his income on gas. He spends 10% of his income on food. Another 20% of his income goes to pay his utilities. He spends another 20% on his house payment. He spends another 15% on his credit cards bills. He spends 15% on his income on his truck payment. He also spends 8% on his Health club member ship. If Jack makes $44,000 a year, how much will he be putting back in his savings account each month, if he is only wanting to deposit 35% of what's left after all his expenses? (The percentages were figured for one calendar year.)
Answer
$25.675% Charities
5% Gas
10% Food
20% Utilities
20% House payment
15% Credit cards
15% Truck payment
8% Health club
Total expenses = 98% (of his total yearly income)
$44,000 x 98% = $43,120 (total spent on expenses)
$44,000 - $43,120 = $880 (total left after expenses)
$880 x 35% = $308.00 (total deposited in his Saving account during 1 year)
$308.00 divided by 12 = $25.67 (amount deposited in his account every month)
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