Dominic Is Reviewing His Spending Pattern For The Past Week To Determine How Much Money He Had On Sunday. Below Is Dominic's Spending Pattern:$\[ \begin{tabular}{|c|r|r|} \hline Day & \text{Debit (\$)} & \text{Credit (\$)} \\ \hline Monday & 158 &
Introduction
In today's fast-paced world, managing personal finances is a crucial aspect of maintaining a stable and secure life. Dominic, like many of us, needs to keep track of his expenses to ensure he has enough money for the future. In this article, we will delve into Dominic's spending pattern for the past week and use mathematical techniques to determine how much money he had on Sunday.
Dominic's Spending Pattern
The following table represents Dominic's spending pattern for the past week:
| Day | Debit ($) | Credit ($) |
|---|---|---|
| Monday | 158 | |
| Tuesday | 120 | 200 |
| Wednesday | 180 | |
| Thursday | 100 | 150 |
| Friday | 220 | |
| Saturday | 80 | 250 |
| Sunday |
Mathematical Analysis
To determine how much money Dominic had on Sunday, we need to calculate his total debit and credit transactions for the past week.
Total Debit Transactions
The total debit transactions can be calculated by adding up the debit amounts for each day:
Total Credit Transactions
The total credit transactions can be calculated by adding up the credit amounts for each day:
Net Change in Balance
The net change in balance can be calculated by subtracting the total debit transactions from the total credit transactions:
Balance on Sunday
Since the net change in balance is negative, it means that Dominic's balance decreased by $158. To determine his balance on Sunday, we need to subtract the net change in balance from his initial balance.
Let's assume that Dominic's initial balance on Sunday was $x. Then, his balance on Sunday would be:
However, we don't know the value of $x. To determine it, we need to use the information provided in the table.
Initial Balance on Sunday
The table shows that there is no debit transaction on Sunday, but there is a credit transaction of $250. This means that Dominic's balance on Sunday increased by $250.
Let's assume that Dominic's initial balance on Sunday was $x. Then, his balance on Sunday would be:
Since we know that the net change in balance is -158, we can set up the following equation:
Simplifying the equation, we get:
Adding 508 to both sides, we get:
Therefore, Dominic's initial balance on Sunday was $350.
Final Balance on Sunday
Now that we know the initial balance on Sunday, we can calculate the final balance on Sunday by subtracting the net change in balance:
Conclusion
In conclusion, Dominic's spending pattern for the past week can be analyzed using mathematical techniques to determine how much money he had on Sunday. By calculating the total debit and credit transactions, net change in balance, and initial balance on Sunday, we were able to determine that Dominic's final balance on Sunday was $192.
Discussion Category: Mathematics
This problem involves various mathematical concepts, including:
- Arithmetic operations: addition, subtraction, multiplication, and division
- Algebraic equations: solving linear equations and inequalities
- Financial analysis: calculating net change in balance and determining initial and final balances
Q&A: Understanding Dominic's Spending Pattern
In our previous article, we analyzed Dominic's spending pattern for the past week and used mathematical techniques to determine how much money he had on Sunday. In this article, we will answer some frequently asked questions related to Dominic's spending pattern.
Q: What is the total debit transaction for the past week?
A: The total debit transaction for the past week is $758. This is calculated by adding up the debit amounts for each day: $158 + $120 + $180 + $100 + $220 + $80 = $758.
Q: What is the total credit transaction for the past week?
A: The total credit transaction for the past week is $600. This is calculated by adding up the credit amounts for each day: $200 + $150 + $250 = $600.
Q: What is the net change in balance for the past week?
A: The net change in balance for the past week is -$158. This is calculated by subtracting the total debit transactions from the total credit transactions: $600 - $758 = -$158.
Q: What is Dominic's initial balance on Sunday?
A: Dominic's initial balance on Sunday is $350. This is calculated by solving the equation: x + 250 - 758 = -158, where x is the initial balance on Sunday.
Q: What is Dominic's final balance on Sunday?
A: Dominic's final balance on Sunday is $192. This is calculated by subtracting the net change in balance from the initial balance on Sunday: $350 - $158 = $192.
Q: Why is it important to analyze spending patterns?
A: Analyzing spending patterns is important because it helps individuals understand where their money is going and make informed decisions about their finances. By tracking expenses, individuals can identify areas where they can cut back and make adjustments to achieve their financial goals.
Q: How can I apply mathematical techniques to my own spending pattern?
A: To apply mathematical techniques to your own spending pattern, start by tracking your expenses for a week or a month. Then, calculate the total debit and credit transactions, net change in balance, and initial and final balances. Use this information to identify areas where you can cut back and make adjustments to achieve your financial goals.
Q: What are some common mistakes people make when analyzing their spending patterns?
A: Some common mistakes people make when analyzing their spending patterns include:
- Not tracking expenses accurately
- Not considering irregular expenses, such as car maintenance or property taxes
- Not accounting for changes in income or expenses over time
- Not using mathematical techniques to analyze spending patterns
Conclusion
In conclusion, analyzing Dominic's spending pattern for the past week using mathematical techniques can provide valuable insights into his financial situation. By answering frequently asked questions related to Dominic's spending pattern, we can gain a deeper understanding of the importance of analyzing spending patterns and how to apply mathematical techniques to our own financial situations.
Discussion Category: Mathematics
This problem involves various mathematical concepts, including:
- Arithmetic operations: addition, subtraction, multiplication, and division
- Algebraic equations: solving linear equations and inequalities
- Financial analysis: calculating net change in balance and determining initial and final balances
These mathematical concepts are essential in real-world applications, such as personal finance, accounting, and economics. By applying mathematical techniques to real-world problems, we can gain a deeper understanding of the underlying principles and make informed decisions.