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Physical Medicine and Rehabilitation Physician

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AVG. SALARY

$223,920

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EDUCATION

First professional degree

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JOB OUTLOOK

Stable

Real-Life Activities

Real-Life Math -- Solution

How much money do you have to save to reduce your budget by 20 percent?

First calculate the total monthly expenditures. Next find 20 percent of that amount to determine how much must be saved.

Expenses:

Heat/light: $40 x 20 = $800
Staff salary: $200 x 20 = $4,000
Rent: $2,100
Miscellaneous: $25 x 20 = $500
Office supplies: $500

Total = $800 + $4,000 + $2,100 + $500 + $500 = $7,900

20% of $7,900 = 0.2 x $7,900 = $1,580

Therefore, you must save $1,580 a month to reduce your budget by 20 percent. You may have to cut costs in several areas to save that much!


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OCAP believes that financial literacy and understanding the financial aid process are critical aspects of college planning and student success. OCAP staff who work with students, parents, educators and community partners in the areas of personal finance education, state and federal financial aid, and student loan management do not provide financial, investment, legal, and/or tax advice. This website and all information provided is for general educational purposes only, and is not intended to be construed as financial, investment, legal, and/or tax advice.