Mario spent a total of $87.33 last week but did not keep a perfect record of where his money went. Fortunately, Mario does have all but one of his receipts. He enters all of the information he has into his expense spreadsheet as shown below.
Transaction
Amount
Oil change
$18.95
Gas in car
$20.50
Lunch out
$12.68
Golfing
Total Spent
$87.33
How much did Mario spend on golfing?
a. $35.20
b. $45.20
c. $47.88
d. $143.96
Answer (2)
Mario spent $35.20 on golfing after calculating the total of his known expenses and subtracting that from his total expenditure of $87.33.
;
Set up an equation: $18.95 + $20.50 + $12.68 + x = $87.33 , where x is the amount spent on golfing.
Calculate the sum of known expenses: $18.95 + $20.50 + $12.68 = $52.13 .
Subtract the sum from the total: x = $87.33 − $52.13 .
Determine the amount spent on golfing: x = $35.20 .
Explanation
Understanding the Problem We are given the total amount Mario spent last week and the amounts he spent on an oil change, gas, and lunch. We need to find out how much he spent on golfing.
Setting up the Equation Let's denote the amount Mario spent on golfing as x . The total amount he spent is the sum of the amounts he spent on each item. So, we can write the equation:
$18.95 + $20.50 + $12.68 + x = $87.33
Calculating Known Expenses To find x , we need to subtract the sum of the known expenses from the total amount spent:
x = $87.33 − ( $18.95 + $20.50 + $12.68 )
First, let's calculate the sum of the known expenses:
$18.95 + $20.50 + $12.68 = $52.13
Finding the Golfing Expense Now, subtract this sum from the total amount:
x = $87.33 − $52.13 = $35.20
Final Answer Therefore, Mario spent $35.20 on golfing.
Examples
Understanding how to track expenses and calculate missing amounts is useful in personal finance. For example, if you're budgeting your monthly spending and know your total expenses and expenses on certain categories like rent, food, and transportation, you can calculate how much you have left for discretionary spending or savings. This helps in managing your finances effectively and making informed decisions about where your money goes. Let's say your monthly income is $3000 , and you spend $1200 on rent, $500 on food, and $300 on transportation. You can calculate your remaining amount as $3000 − ( $1200 + $500 + $300 ) = $1000 , which you can then allocate to other expenses or savings.
