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3. Kevin has a net monthly income of $1260. His monthly car payment is $255, and he spends about $150 per month on gas and maintenance, Kevin pays $850 car insurance every 6 months. What percent of his net monthly income does Kevin spend on transportation?



Answer :

Given:

There are given that Kevin's monthly income is $1260.

And,

For car, payment is $255, for gas payment is $150 and for car insurance, Kevin pays $850 every 6 months.

Explanation:

First calculate the car insurance for 1 month,

Then:

[tex]\begin{gathered} \frac{850}{6}=141.67 \\ =142 \end{gathered}[/tex]

Now,

The percentage of spend of his monthly income is:

[tex]\text{Percentage}=\frac{\text{Addition of spend on transporation}}{\text{Total income}}\times100\%[/tex]

Then,

[tex]\begin{gathered} \text{Percentage}=\frac{\text{2}55+142}{\text{1}260}\times100\% \\ \text{Percentage}=\frac{\text{3}97}{\text{1}260}\times100\% \\ \text{Percentage}=0.32\times100\% \\ \text{Percentage}=32\% \end{gathered}[/tex]

Final answer:

Hence, 32% of his net monthly income does Kevin spend on transportation.

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