Question

Prorate the following expenses and find the corresponding monthly expense.Lan pays a semiannual premium of $650 for automobile insurance, a monthly premium of $150 for health insurance, and an annual premium of $350 for life insurance.Question content area bottomThe monthly expense is $ (Round to the nearest cent as needed.)

Answer 1

Given:

Lan pays,

A semiannual premium of ​$650 for automobile​ insurance.

A monthly premium of ​$150 for health​ insurance.

An annual premium of ​$350 for life insurance.

To find:

The monthly expense.

Step-by-step explanation:

According to the problem,

The amount paid for automobile​ insurance per year will be,

`650*2=1300`

The amount paid for health​ insurance per year will be,

`150*12=1800`

The amount paid for life insurance per year will be,

`350*1=350`

The total expenses in a year are,

`1300+1800+350=3450`

So, the monthly expense is,

`(3450)/(12)=\text{ \$}287.50`

Therefore, the monthly expense is $287.50.

Final answer:

The monthly expense is $287.50.