damian wants to save $7200 to buy a car within the next 2 years. which budget would help damian save enough…

damian wants to save $7200 to buy a car within the next 2 years. which budget would help damian save enough money to buy a car in a timely manner with minimal effect on his other essential expenses?\nmonthly budget\tbudget a\tbudget b\tbudget c\tbudget d\nincome\t$1000\t$1,000\t$1,000\t$1,000\nexpenses-\nrent\t$300\t$300\t$300\t$300\nutilities\t$75\t$75\t$75\t$75\nfood\t$150\t$150\t$75\t$150\nbus pass\t$25\t$25\t$0\t$25\ncar savings\t$350\t$250\t$300\t$100\nschool savings\t$100\t$200\t$250\t$350\na. budget a\nb. budget b\nc. budget c\nd. budget d

damian wants to save $7200 to buy a car within the next 2 years. which budget would help damian save enough money to buy a car in a timely manner with minimal effect on his other essential expenses?\nmonthly budget\tbudget a\tbudget b\tbudget c\tbudget d\nincome\t$1000\t$1,000\t$1,000\t$1,000\nexpenses-\nrent\t$300\t$300\t$300\t$300\nutilities\t$75\t$75\t$75\t$75\nfood\t$150\t$150\t$75\t$150\nbus pass\t$25\t$25\t$0\t$25\ncar savings\t$350\t$250\t$300\t$100\nschool savings\t$100\t$200\t$250\t$350\na. budget a\nb. budget b\nc. budget c\nd. budget d

Answer

Explanation:

Step 1: Calculate required monthly savings

Total savings needed: $7200
Time period: 2 years = 24 months
Minimum monthly savings: $\frac{7200}{24} = 300$ dollars

Step 2: Evaluate each budget's monthly car savings

  • Budget A: $350/month (≥ 300, meets requirement)
  • Budget B: $250/month (< 300, insufficient)
  • Budget C: $300/month (≥ 300, meets requirement)
  • Budget D: $100/month (< 300, insufficient)

Step 3: Assess essential expenses impact

Budget C eliminates "Bus Pass" ($0), potentially affecting essential transportation, while Budget A includes $25 for Bus Pass, indicating minimal impact on essential expenses.

Answer:

a. Budget A