Question

The information below represents the cost of Cody's home ownership. What is his average monthly expenditure related to his home?

mortgage $1,255 per month
● taxes $2,881 per year
● insurance $156 per month
● HOA fees $320 per year
● utilities $475 per month

Answer 1

Let's calculate all expenses per month

a) Mortgage $1,255 →→→→→→→→→ = $1,255 per month
b)Taxes $2,881 per year →→ $2,881/12 = $240.083 per month
c) insurance $156 →→→→→→→→→→ =$156 per month
d) HOA fees $320 per year→→→=$320/12 = $ 26.66 per month
e)utilities $475→→→→→→→→→→→→→=$475

Average monthly expenditure: a) + b) + c) + d) = $2,152.75

Answer 2

Cody's average monthly expenditure related to his home is $2,152.75

Explanation:

Since the question is asked for monthly expenditure. Thus our first work is to convert all given expenditure for per monthly.

Mortgage = $1,255

Taxes = $240.08

Insurance = $156

HOA fees = $26.67

Utilities = $475

Thus, Cody's average monthly expenditure related to his home is: 1,255 + 240.08 + 156 + 26.67 + 475 = $2,152.75