Bi-weekly mortgage is $576. Monthly phone charges are $44.95. The electric bill last month was $105.88. Groceries cost about $98/week. What is a good estimate of your monthly expenses?

Question

(1 point)
Responses

$827.00
$827.00

$1,127.00
$1,127.00

$1,401.00
$1,401.00

$1,703.00

Answer 1

To estimate your monthly expenses, let's break down each of the individual expenses into a monthly format:

1. Bi-weekly mortgage: Since there are 26 weeks in a year, there are typically 13 bi-weekly payments.

   • $576 bi-weekly x 2 (to calculate for a month) = $1,152.00

2. Monthly phone charges: This is $44.95 per month.

3. Electric bill: This is $105.88 per month.

4. Groceries: If groceries cost about $98/week, then for a month (4 weeks), you would calculate:

   • $98 x 4 = $392.00

Now, let's add these expenses together:

• Bi-weekly mortgage: $1,152.00
• Phone charges: $44.95
• Electric bill: $105.88
• Groceries: $392.00

Now, add them up:

• $1,152.00 + $44.95 + $105.88 + $392.00 = $1,694.83

Based on the options provided, the closest estimate is $1,703.00.

So, the answer is $1,703.00.