Question

# Yolanda and Josha Spezzano have a combined monthly gross income of $5,000.00. Last year they paid$11,841.20 in mortgage payments, $681.00 for insurance premiums, and$2,896.32 in real estate taxes. They had these monthly expenses: $58.30 for cell phone,$115.50 for electricity, $99.60 for telephone, Internet, cable bundle service,$146.00 for gas heat, and \$56.60 for water. (a) What was their average monthly housing cost for last year? (b) Was it within the 35% recommendation?

Solution

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a) $\ 11,841.20\div 12 + \ 681.00\div 12 + \ 2,896.32\div 12 + \ 58.30 + \ 115.50 + \ 99.60 + \ 146.00 + \ 56.60 = \ 1,760.88$

The total monthly cost is the sum of all costs.

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