If the cost of living increases by 12% and your current monthly expense is $1500

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Question: If the cost of living increases by 12% and your current monthly expense is $1500, what will be your new monthly expense?

Options:

Correct Answer: $1680

Solution:

New expense = 1500 + (12/100 * 1500) = 1500 + 180 = $1680

If the cost of living increases by 12% and your current monthly expense is $1500, what will be your new monthly expense?

If the cost of living increases by 12% and your current monthly expense is $1500, what will be your new monthly expense?

Step 1: Identify your current monthly expense, which is $1500.
Step 2: Determine the percentage increase in cost of living, which is 12%.
Step 3: Convert the percentage increase to a decimal by dividing by 100. So, 12% becomes 0.12.
Step 4: Calculate the amount of the increase by multiplying your current expense by the decimal. So, 1500 * 0.12 = 180.
Step 5: Add the increase to your current expense to find the new expense. So, 1500 + 180 = 1680.
Step 6: Your new monthly expense is $1680.

Percentage Increase – Understanding how to calculate a percentage increase on a given amount.
Basic Arithmetic – Applying addition and multiplication to find the new expense.