Question

The table below shows your expenses. Use the information in the table to answer questions 1-3. Expense Type Cost mortgage (monthly) $1,850.00 groceries (bi-weekly) $113.50 telephone (monthly) $96.80 credit card (monthly) $100.00 car payment (monthly) $389.45 car insurance (every 6 months) $499.98 health insurance (bi-weekly) $80.16 What is a good estimate for your monthly expenses on groceries? (1 point) Responses $56.75 $56.75 $227.00 $227.00 $113.50 $113.50 $193.60

Answer 1

To estimate your monthly expenses on groceries, you need to convert the bi-weekly cost into a monthly figure. Since there are 52 weeks in a year, there are 26 bi-weekly periods.

Now, let's do the calculation:

1. Calculate monthly grocery cost:
   • Bi-weekly cost: $113.50
   • Monthly cost: $113.50 * 26 weeks / 12 months = $113.50 * 2.1667 (approx) = $246.78 (approx)

However, this is quite far from the answer choices provided. Instead, we can use a simpler estimate:

• Since you have groceries every two weeks, a rough estimate for monthly groceries can be:
  • You get groceries twice a month, so you can double the bi-weekly cost: $113.50 * 2 = $227.00

Based on these calculations, a good estimate for your monthly expenses on groceries would be $227.00.