Answer:
The monthly expense is $244.16
Step-by-step explanation:
Given:
automobile insurance= $400
health insurance = $140
life insurance = $450
To find:
The monthly expense =?
Solution:
The automobile insurance is Semiannual premium . so it is paid twice a year
So for a year the total automobile insurance paid is = [tex]400 \times 2[/tex] = $800
The health insurance is monthly premium. it is paid for all 12 months.
Thus the health insure for a year is = [tex]140 \times 12[/tex] = $1680
The life insurance is annual premium. so it is paid once in a year
So for a year the life insurance paid is = $450.
The total expense for a year = 800+ 1680 + 450 = 2930
Then for one month the expense will be =[tex]\frac{2930}{12}[/tex] = $244.16
