Section: Mathematical Reasoning

60) A family spends 20% of its monthly income on food, 23% on rent, and 42% on other expenses and saves the balance. If the family saves $360 per month, what is its monthly income?

$2,000
$2,200
$2,400
$2,500
$28,800

Explanation

Expenditures: 20% + 23% + 42% = 85%
Savings: 100% — 85% = 15%

Let x = family’s monthly income. Then .15x=$360, so x = $360 / .15 = $2,400