José’s savings ratio is 6%. His total assets equal $100,000, his gross annual income is $110,000...
José’s savings ratio is 6%. His total assets equal
$100,000, his gross annual income is $110,000 and his disposable
income is $71,000. How much does he save every
month?
- $550
- $500
- $450
- $355
The answer is $355, but I would like to know the steps to get the answer.
Homework Answers
Answer = $355
Saving ratio = total saving/disposable income
6% = total saving/$71000
Total saving = $4260, (this is annual saving)
Monthly saving = $4260/12 = $355
.
.PLEASE DO GIVE A THUMBS UP
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