Question

5. Melvin Cooper rents a condominium for $1,045 a month. Hepays a $140 monthly fee for all maintenance work. His annualexpenses are: insurance, $292; lost interest, $45; and utility bills$3,240. What is his average monthly expense?

Answer 1

To determine the monthly expense, we will add each amount but we have to determine the monthly amount out of the annual expenses.

To determine the monthly amount of the annual expenses, we divide the sum of the annual expenses by 12:

`(292+45+3240)/(12)\approx298.01\text{ dollars.}`

Finally, we add all the monthly expenses:

`298.01+1045+140=1483.01\text{ dollars.}`

Answer:

`1,483.01\text{ dollars.}`