Problem

In many cases, property taxes when you own a home are paid every six months, homeowner's insurance is paid once per year, and car insurance is paid every six months. One homeowner pays $\$ 1410$ in property taxes twice a year, $\$ 972.00$ in homeowner's insurance annually, and makes car insurance payments of $\$ 252.57$ and $\$ 337.09$ every six months. If this homeowner wants to spread these expenses out by putting some money each month into a savings account, how much should she put aside per month? Round your answer to the nearest cent. This homeowner should put aside $\$$ per month.

Solution

Step 1 :Find the total annual cost: \(1410 \times 2 + 972 + (252.57 + 337.09) \times 2 = 4381.66\)

Step 2 :Divide the total annual cost by 12 and round to the nearest cent: \(\boxed{365.14}\)

From Solvely APP
Source: https://solvelyapp.com/problems/11051/

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