Question

Roberto Anaya and his wife plan to rent a condominium for $725 per month. They pay a $125 monthly fee for all of the maintenance work. Their annual expenses are insurance $468, lost interest, $129; and utility bills, $3,000. What is his average monthly expense

Answer 1

$1,149.75

Explanation:

We can start this problem off by organizing the monthly and the annual expenses.

Monthly:

$725 - Condominium

$125 - Maintenance Work

Annual:

$468 - Insurance

$129 - Lost Interest

$3,000 - Utility Bills

Since we are solving for the average monthly expense, we should deal with the annual expenses first by dividing them all by 12 since there are 12 months.

`x=((468+129+3000))/(12)`

`x=(3,597)/(12)`

`x=299.75`

Now, we simply add 299.75 to the monthly expenses to get our answer.

`x=299.75+725+125`

`x=1,149.75`

The average monthly expense is $1,149.75.