Question

You have the following expenses. What should your estimated monthly expenses be?

Expense Type

Cost

Mortgage (monthly)

$1,045.87

Groceries (bi-weekly)

$165.00

Telephone (monthly)

$62.48

Car Payment (monthly)

$328.79

(1 point)
Responses

$1,760.00
$1,760.00

$1,602.00
$1,602.00

$1,768.00
$1,768.00

$1,698.00
$1,698.00
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Answer 1

To calculate the estimated monthly expenses, we need to account for all the expenses listed and convert any bi-weekly expenses into a monthly amount.

1. **Mortgage (monthly)**: $1,045.87
2. **Groceries (bi-weekly)**: $165.00
- Since there are typically 2 bi-weekly pay periods in a month, we multiply by 2:
\[
\text{Groceries (monthly)} = 165.00 \times 2 = 330.00
\]
3. **Telephone (monthly)**: $62.48
4. **Car Payment (monthly)**: $328.79

Now, we will sum all these expenses to find the total monthly expenses:
\[
\text{Total Monthly Expenses} = \text{Mortgage} + \text{Groceries} + \text{Telephone} + \text{Car Payment}
\]
\[
\text{Total Monthly Expenses} = 1,045.87 + 330.00 + 62.48 + 328.79
\]
\[
\text{Total Monthly Expenses} = 1,045.87 + 330.00 + 62.48 + 328.79 = 1,767.14
\]

Since we're looking for the estimated monthly expenses based on the options provided, we can round $1,767.14 to the nearest dollar which is $1,768.00.

Thus, the estimated monthly expenses should be **$1,768.00**.