Financial Maths, STD2 EQ-Bank 18

Michael has budgeted $185 per week for groceries, $95 per week for leisure, $38 per fortnight for medical expenses and $115 per week to run a car.

Calculate Michael's monthly expenses. Assume 4 weeks in a month. (2 marks)

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$$1656$

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$\text{Calculate weekly expenses:}$

$\text{Groceries} =$185 \text{per week}$

$\text{Leisure} =$95\ \text{per week}$

$\text{Medical} =\dfrac{38}{2}= \$19\ \text{per week}$

$\text{Car} =$115\ \text{per week}$

$\text{Total weekly expenses}=185+95+19+115=$414\ \text{per week}$

$\therefore\ \text{Monthly expenses (assuming 4 weeks in a month)}=414\times 4=$1656$