To calculate the net income, we need to follow a structured approach. Let's break down the steps in detail:
1. Identify Monthly Income:
- Wages: [tex]$2,750.00
2. Identify Monthly Expenses:
- Rent: $[/tex]850.00
- Utilities: [tex]$236.54
- Entertainment: $[/tex]410.00
- Food: [tex]$220.00
- Cell Phone: $[/tex]114.98
- Credit Card #1: [tex]$56.79
- Credit Card #2: $[/tex]38.45
- Car Insurance: [tex]$120.00
- Car Payment: $[/tex]260.00
- School Loan: [tex]$250.00
3. Calculate the Total Monthly Expenses:
Add all the expenses together:
\[
\text{Total Expenses} = 850.00 + 236.54 + 410.00 + 220.00 + 114.98 + 56.79 + 38.45 + 120.00 + 260.00 + 250.00
\]
When you add these values, the total expenses amount to $[/tex]2,556.76.
4. Determine the Net Income:
Subtract the total expenses from the income to get the net income:
[tex]\[
\text{Net Income} = \text{Income} - \text{Total Expenses}
\][/tex]
[tex]\[
\text{Net Income} = 2750.00 - 2556.76
\][/tex]
After performing the subtraction, the net income is [tex]$193.24.
Thus, the net income is calculated as $[/tex]193.24.
