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2. The Department of Labor issues a report each year on how the average American spent his or her income. Using the percentages in Column 2, calculate the amount you would spend on each of the categories per month in the table below - we will be using them as your hypothetical budget. Average American Spends My Monthly Budget (round to nearest whole dollar) Category Housing 29% Transportation 16% www.ngpf.org Last updated: 3/10/20 1 Food 11% Other Insurance, Retirement, Pensions, etc. 10% Student Loan Payments 7% Health Care 6% Entertainment 5% Clothes 3% Everything Else 13% *Figure came from this article, rather than the report named above.

2. The Department of Labor issues a report each year on how the average American spent his or her income. Using the percentages in Column 2, calculate the amount you would spend on each of the categories per month in the table below - we will be using them as your hypothetical budget. Average American Spends My Monthly Budget (round to nearest whole dollar) Category Housing 29% Transportation 16% www.ngpf.org Last updated: 3/10/20 1 Food 11% Other Insurance, Retirement, Pensions, etc. 10% Student Loan Payments 7% Health Care 6% Entertainment 5% Clothes 3% Everything Else 13% *Figure came from this article, rather than the report named above.

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter4: Polynomial And Rational Functions
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2. The Department of Labor issues a report each year on how the average American spent his or her income. Using the percentages in Column 2, calculate the amount you would spend on each of the categories per month in the table below - we will be using them as your hypothetical budget. My Monthly Budget (round to nearest whole dollar) Category Average American Spends Housing 29% Transportation 16% www.ngpf.org Last updated: 3/10/20 1 Food 11% Other Insurance, Retirement, Pensions, etc. 10% Student Loan Payments* 7% Health Care 6% Entertainment 5% Clothes 3% Everything Else 13% * Figure came from this article, rather than the report named above.
Transcribed Image Text:2. The Department of Labor issues a report each year on how the average American spent his or her income. Using the percentages in Column 2, calculate the amount you would spend on each of the categories per month in the table below - we will be using them as your hypothetical budget. My Monthly Budget (round to nearest whole dollar) Category Average American Spends Housing 29% Transportation 16% www.ngpf.org Last updated: 3/10/20 1 Food 11% Other Insurance, Retirement, Pensions, etc. 10% Student Loan Payments* 7% Health Care 6% Entertainment 5% Clothes 3% Everything Else 13% * Figure came from this article, rather than the report named above.
Expert Solution
Step 1

Let the average American's income be $50,000

For Housing:

Average American spends percentage =29% 

Monthly Budget for Housing = 29100×$50,000=$14,500

For Transportation:

Average American spends percentage =16% 

Monthly Budget for Transportation = 16100×$50,000=$8,000

For Food:

Average American spends percentage =11% 

Monthly Budget for Food = 11100×$50,000=$5,500

For Other Insurance, Retirement, Pensions etc. :

Average American spends percentage =10% 

Monthly Budget for Other Insurance, Retirement, Pensions etc. = 10100×$50,000=$5,000

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