Question

Prorate the following expenses and find the corresponding monthly expense.Lan pays a semiannual premium of $700 for automobile insurance, a monthly premium of $145 for health insurance, and an annual premium of $350 for life insurance.Question content area bottomPart 1The monthly expense is $  enter your response here.(Round to the nearest cent as needed.)

Answer 1

Given:

• Semiannual premium on automobile = $700

,

• Monthly premium on health insurance = $145

,

• Annual premium on life insurance = $350

Let's find the monthly expense.

To find the monthly expense, we have the following:

• For a semiannual payment of $700, the annual payment will be:

$700 x 2 = $1400

• For a monthly payment of $145, the annual payment will be:

$145 x 12 = $1740

• Then for life insurance, the annual payment is $350.

The total annual expense will be:

Annual expense = $1400 + $1740 + $350 = $3490.

Thus, the monthly expense will be:

`\text{ Monthly expense = }\frac{annual\text{ expense}}{12}=(3490)/(12)=290.83`

Therefore, the monthly expense is $290.83

• ANSWER:

$290.83