Maxton's Fortnightly family budget 5th - 16th May 2017 Income (K): - Salary: 2,500.00 - Sold old phone: i Expenses (K): Fixed: - Food: 500.00 - Electricity: 150.00 - Water: 120.00 - Loan repayment: 250.00 - Fuel: 200.00 Variable: - Lunch money: 200.00 - Entertainment: ii (300.00) - Friends and relatives: 200.00 - Children's lunch money: (missing) Total income: 2,650.00 Total expenses: 2,165.00 Savings: = iii
Answer (1)
To solve this problem, we need to determine a few missing values using the information given in Maxton's family budget.
Income from Sold Old Phone (i):
Maxton's total income is given as 2,650.00 K.
His salary is 2,500.00 K.
Therefore, the income from selling the old phone can be calculated as:
i = Total Income − Salary = 2 , 650.00 − 2 , 500.00 = 150.00 K
Children's Lunch Money (missing):
Total expenses are 2,165.00 K. We know the fixed and variable expenses, except for the children's lunch money, which is missing.
Summing up the other expenses:
Fixed Expenses Total = 500.00 + 150.00 + 120.00 + 250.00 + 200.00 = 1 , 220.00 K
Variable Expenses (without Children’s Lunch) = 200.00 + 300.00 + 200.00 = 700.00 K
Therefore, children's lunch money can be calculated as:
Children’s Lunch Money = Total Expenses − Fixed Expenses Total − Other Variable Expenses
= 2 , 165.00 − 1 , 220.00 − 700.00 = 245.00 K
Savings (iii):
Savings can be determined by subtracting total expenses from total income:
Savings = Total Income − Total Expenses = 2 , 650.00 − 2 , 165.00 = 485.00 K
Therefore, the missing values are:
Income from sold old phone (i) is 150.00 K.
Children's lunch money is 245.00 K.
Savings (iii) are 485.00 K.
This concludes our calculations based on the given budget details.
