Mary earns $3500 per month.After payroll deductions from the government,Mary takes home 85 percent of her salary.Mary wants to use a pay yourself first method and puts $330 into her savings account before spending anything and $200 towards her student loans.What is Mary's saving rate?

Question

Quizplus · Accepted Answer

Mary's take-home pay is 85% of $3500, which is $2975. She saves $330, so her saving rate is ($330 / $2975) * 100 = 11.1%.

Mary Earns $3500 Per Month