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QuestionBudget one-fifth of your net income for a car payment. If your income is nn dollars, how much is that for 3,7503,750?

Studdy Solution

STEP 1

Assumptions1. The net income per month is nn dollars. . The budget for a car payment is one-fifth of the net income.

STEP 2

First, we need to find the amount to set aside for the car payment. We can do this by multiplying the net income by one-fifth.
Car payment=Net incometimes15Car\, payment = Net\, income \\times \frac{1}{5}

STEP 3

Now, plug in the given value for the net income to calculate the car payment.
Car payment=$ntimes15Car\, payment = \$n \\times \frac{1}{5}

STEP 4

Calculate the car payment amount.
Car payment=$ntimes1=$nCar\, payment = \$n \\times \frac{1}{} = \$\frac{n}{}

STEP 5

Now, we need to find the car payment amount for a net income of 3,750.Wecandothisbysubstituting3,750. We can do this by substituting 3,750 for nn in the car payment formula.
Car payment=$3,7505Car\, payment = \$\frac{3,750}{5}

STEP 6

Calculate the car payment amount for a net income of $3,750.
Car payment=$3,7505=$750Car\, payment = \$\frac{3,750}{5} = \$750You should set aside 750forthemonthlycarpaymentifyournetincomeis750 for the monthly car payment if your net income is 3,750 per month.

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