Bi-weekly mortgage is $455. Monthly phone charges are $34.95. The electric bill last month was $65.88. Groceries cost about $87/ week. What is a good estimate of your monthly expenses? (1 point) Responses $643.00 $643.00 $904.00 $904.00 $1,098.00 $1,098.00 $1,359.00

Answer 1

To estimate your monthly expenses, we need to convert everything to a monthly basis and then sum it up:

1. Bi-weekly mortgage: $455 is paid bi-weekly. There are about 2.17 bi-weekly periods in a month (52 weeks in a year / 12 months).
   Monthly mortgage = $455 * 2.17 = $987.85 (approximately $988)

2. Monthly phone charges: $34.95 (already on a monthly basis).

3. Electric bill: $65.88 (already on a monthly basis).

4. Groceries: $87 per week. There are about 4.33 weeks in a month. Monthly groceries = $87 * 4.33 = $376.11 (approximately $376)

Now, we can sum all the expenses:

• Mortgage: $988
• Phone: $34.95
• Electric: $65.88
• Groceries: $376

Total monthly expenses = $988 + $34.95 + $65.88 + $376 = $1,464.83

However, rounding that value to the nearest estimates given:

• $643.00
• $904.00
• $1,098.00
• $1,359.00

The closest and most reasonable option seems to be $1,359.00.