MAP 401 THINKING [8 marks] 21. Amanda earns $1365 per month and owns a condominium. The chart below shows her monthly budget in 2011. WTHLY IN NTHEY EXP ES (2012) Monthly Income $1365 Mortgage $700 Property tax (5% of $35 monthly mortgage Common costs $125 Gasoline $100 Car insurance $105 Heating / electricity $300 TOTAL $1365 TOTAL Balance (Income - Expenses) = /3 (a) Calculate Amanda's 2011 balance. What do you notice? /3 (b) In 2012, Amanda earned a 2.5% pay increase on her monthly salary. However, all variable expenses increased by 10%. All fixed expenses stay the same. Complete the table below with her new income and expenses. MONTHLY INCOME (2012) MONTHLY EXPENSES (2012) Monthly Income Mortgage Property tax (5% of monthly mortgage) Common costs Gasoline Car insurance Heating / electricity TOTAL Balance (Income - Expenses) = /2 (c) What do you notice about the updated balance? What does this mean? MAP 4CI 18. Frank has a fixed income of $4450 per month. He lives in a one-bedroom condominium. Frank's monthly mortgage payment is $828 and the common fees are $334 per month. Frank 's average electricity bill is $148 every 2 months and his average water bill is $162 every 3 months. /1 a) Calculate Frank's fixed monthly mortgage expenses. /3 b) Calculate Frank's average monthly utility expenses. /1 c) On average, what percent of his income does Frank spend on his total monthly accommodations costs