Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller

Exercise 218

SAVING TO BUY A HOME Shamus and Kathleen McCoy want to save to buy a home. They set up the following budget based on percent of take-home income: 25% for rent and utilities, 22% for food and pharmacy, 12% for health care, and 32% for other, with the remainder to savings. Their take-home pay after taxes is $5450 per month. Find the annual savings. ________________