Marvin used the Quantitative Reasoning Process to build a budget while he is going to college. He worked hard over the summer and saved $3,212.65 to live on during the next two semesters of school. Marvin will receive a scholarship each semester for $959.90. If he plans to use up all of his savings while at school, how much money can Marvin spend each month, on average, for things like groceries, entertainment, and miscellaneous items? Assume two semesters equals 8 months total. Also assume Marvin has no other expenses than what he has listed here. Scholarship for each Semester: $959.90 Tuition & Books Cost per Semester: $2,200Housing Cost for a two-semester Contract: $1,025 If he has money left, what is the average monthly amount Marvin can afford to spend each month?If he has overspent, what is the average monthly amount Marvin would be in debt each month?(Indicate this amount with a negative sign) (Round your answer to the nearest cent
Question
Marvin used the Quantitative Reasoning Process to build a budget while he is going to college. He worked hard over the summer and saved 959.90. If he plans to use up all of his savings while at school, how much money can Marvin spend each month, on average, for things like groceries, entertainment, and miscellaneous items? Assume two semesters equals 8 months total. Also assume Marvin has no other expenses than what he has listed here. Scholarship for each Semester: 959.90 Tuition & Books Cost per Semester: 2,200Housing Cost for a two-semester Contract: $1,025 If he has money left, what is the average monthly amount Marvin can afford to spend each month?If he has overspent, what is the average monthly amount Marvin would be in debt each month?(Indicate this amount with a negative sign) (Round your answer to the nearest cent
Solution 1
First, let's calculate Marvin's total income for the two semesters. He has saved 959.90 each semester, so his total income is:
959.90 = $5,132.45
Next, let's calculate Marvin's total expenses for the two semesters. His tuition and books cost 1,025, so his total expenses are:
2*1,025 = $5,425
Now, let's calculate the difference between Marvin's income and expenses:
5,425 = -$292.55
This means Marvin has overspent by $292.55 over the two semesters. To find out how much he has overspent each month, we divide this amount by the total number of months (8):
-36.57
So, Marvin would be in debt by an average of $36.57 each month.
Solution 2
First, let's calculate Marvin's total income for the two semesters. He has saved 959.90 each semester, so his total income is:
959.90 = $5,132.45
Next, let's calculate Marvin's total expenses for the two semesters. His tuition and books cost 1,025, so his total expenses are:
2*1,025 = $5,425
Now, let's calculate the difference between Marvin's total income and his total expenses:
5,425 = -$292.55
This means Marvin has overspent by $292.55 over the two semesters. To find out how much he has overspent each month, on average, we divide this amount by the total number of months (8):
-36.57
So, Marvin would be in debt by an average of $36.57 each month.
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