Question

Mr. and Mrs. Fancyman would like to buy a vacation house on the beach. Their dream house costs $750000. Mr. Fancyman is the CEO of a company and makes $3750.00 every two weeks and Mrs. Fancyman is a teacher who makes $2500.00 every four weeks. If Mr. and Mrs. Fancyman budget to save one sixteenth of their income for their dream vacation home, how many weeks will it take for them to save up 10% down? weeks

Answer 1

Answer on Question #79821, Chemistry/General Chemistry

Mr. and Mrs. Fancyman would like to buy a vacation house on the beach. Their dream house costs $750000. Mr. Fancyman is the CEO of a company and makes $3750.00 every two weeks and Mrs. Fancyman is a teacher who makes $2500.00 every four weeks. If Mr. and Mrs. Fancyman budget to save one sixteenth of their income for their dream vacation home, how many weeks will it take for them to save up 10% down? weeks

Solution

Mr. Fancyman makes $\frac{\$3750}{2} = \$1875$ per week

Mrs. Fancyman makes $\frac{\$2500}{4} = \$625$ per week

Mr's and Mrs's Fancyman income per week is $1875 + $625 = $2500

They save per week $\frac{1}{16} \times \$2500 = \$156.25$

10% of $750000 is $750000 \times 0.1 = \$75000

Number of weeks is $\frac{\$75000}{\$156.25} = 480$

Answer: 480 weeks

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