Lewis has a net spendable income of $2,000 per month. He sets up the following transportation budget for himself. 3. T

Question

Lewis has a net spendable income of $2,000 per month. He sets up the following transportation budget for himself.

3. Transportation (15% – 20%) 400
a. Car payments 210
b. Gas/Oil 120
c. Insurance 60
d. License/Registration 8
e. Taxes 2
f. Maintenance/Repair
What has Lewis done wrong?

phucdien · Answer

Answer:      Step-by-step explanation:   Answer:    A. He budgeted more than the maximum recommended amount of money for transportation. PLATO (Im 100% sure

Nem · Answer

What Lewis did wrong was that; He  budgeted  more than the maximum  recommended amount  of money for transportation.       How to budget effectively?  We are given;   Net spendable income  = $2,000 per month    Now, we see how much he has  budgeted  for other items such as Car payments, Gas/Oil, Insurance, License/Registration, Taxes, Maintenance/Repair.    Now, from the  recommended transportation budget  of between 15% - 20% of the  net spendable income, we can see that he would likely spend more than that if we add the cost of maintenance and repair.    Thus, what Lewis did wrong was that he  budgeted  more than the maximum  recommended amount  of money for transportation.     Read more about  Budget  at; https://brainly.com/question/6663636    #SPJ1

How to budget effectively?

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