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 per month approximately?

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, which is approximately 11 percent.

Mary Earns $3500 Per Month