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Mrs Mkize works at a construction company as an engineer. She earns a monthly salary of R37 500. Below is the Income and Expenditure statement for the Mkize household.

Mathematics

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Here are the solutions to Question 2 based on the provided Income and Expenditure statement.

Part 2.1

  • One fixed expense: Rent (or Car instalment)
  • One variable expense: Groceries (or Social events, Electricity & water, Cellphone airtime)

Part 2.2· 2 steps

  1. Identify Mrs Mkize's monthly income.

    Mrs Mkize's monthly income is R37 500.

  2. Calculate 17% of her monthly income for medical aid.

    A=17%×R37 500\text{A} = 17\% \times \text{R}37\,500 A=0.17×R37 500\text{A} = 0.17 \times \text{R}37\,500 A=R6 375\text{A} = \text{R}6\,375

    The value of A, her monthly contribution to medical aid, is R6 375\boxed{\text{R6 375}}.

Part 2.3· 2 steps

  1. List all expenditure items and their values, including the calculated value of A.

    • Rent: R8 500
    • Groceries: R6 500
    • Medical aid (A): R6 375 (from 2.2)
    • Social events: R3 750
    • Electricity & water: R6 250
    • Car instalment: R4 600
    • Cellphone airtime: R800

  2. Sum all the expenditure items to find B, the total expenditure.

    B=R8 500+R6 500+R6 375+R3 750+R6 250+R4 600+R800\text{B} = \text{R}8\,500 + \text{R}6\,500 + \text{R}6\,375 + \text{R}3\,750 + \text{R}6\,250 + \text{R}4\,600 + \text{R}800 B=R36 775\text{B} = \text{R}36\,775

    The value of B, the total expenditure, is R36 775\boxed{\text{R36 775}}.

Part 2.4· 3 steps

  1. Calculate the monthly money left over.

    Money left over=Total Income−Total Expenditure (B)\text{Money left over} = \text{Total Income} - \text{Total Expenditure (B)} Money left over=R37 500−R36 775\text{Money left over} = \text{R}37\,500 - \text{R}36\,775 Money left over=R725\text{Money left over} = \text{R}725

  2. Calculate the total savings after 10 months.

    Total Savings=Monthly money left over×10\text{Total Savings} = \text{Monthly money left over} \times 10 Total Savings=R725×10\text{Total Savings} = \text{R}725 \times 10 Total Savings=R7 250\text{Total Savings} = \text{R}7\,250

  3. Compare the total savings with the laptop cost.

    Laptop cost = R11 999
    Total Savings = R7 250
    Since R7 250 is less than R11 999, Mrs Mkize will not have enough money to buy the laptop after 10 months.

    No, Mrs Mkize will not have enough money.\boxed{\text{No, Mrs Mkize will not have enough money.}}

Part 2.5· 3 steps

  1. Calculate the new amount spent on groceries.

    New Groceries=Original Groceries×(1+Percentage Increase)\text{New Groceries} = \text{Original Groceries} \times (1 + \text{Percentage Increase}) New Groceries=R6 500×(1+0.12)\text{New Groceries} = \text{R}6\,500 \times (1 + 0.12) New Groceries=R6 500×1.12\text{New Groceries} = \text{R}6\,500 \times 1.12 New Groceries=R7 280\text{New Groceries} = \text{R}7\,280

  2. Calculate the new total expenditure.

    New Total Expenditure=B−Original Groceries+New Groceries\text{New Total Expenditure} = \text{B} - \text{Original Groceries} + \text{New Groceries} New Total Expenditure=R36 775−R6 500+R7 280\text{New Total Expenditure} = \text{R}36\,775 - \text{R}6\,500 + \text{R}7\,280 New Total Expenditure=R37 555\text{New Total Expenditure} = \text{R}37\,555

  3. Determine the new money left over (profit or deficit).

    Money left over=Total Income−New Total Expenditure\text{Money left over} = \text{Total Income} - \text{New Total Expenditure} Money left over=R37 500−R37 555\text{Money left over} = \text{R}37\,500 - \text{R}37\,555 Money left over=−R55\text{Money left over} = -\text{R}55

    The increase in grocery prices will result in a deficit of R55\boxed{\text{deficit of R55}} at the end of the month.

Part 2.6

One way the Mkize family can save more money for the month is by reducing spending on social events. (Other valid answers include reducing electricity & water usage, or cutting down on cellphone airtime).

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