Questions: Find the amount that would need to be saved monthly to prorate the given long-term expenses. Round the final answer to the nearest cent. Homeowner's insurance: 1199 annually; property tax: 3930.22 every 6 months The given long-term expenses would require saving per month. Round to the nearest cent.

Solution Steps

To find the amount that needs to be saved monthly to cover the given long-term expenses, we need to:

1. Calculate the monthly cost of the homeowner's insurance by dividing the annual cost by 12.
2. Calculate the monthly cost of the property tax by dividing the semi-annual cost by 6.
3. Sum the monthly costs of both expenses to get the total amount that needs to be saved each month.

The annual cost of homeowner's insurance is given as \( 1199 \). To find the monthly cost, we divide by \( 12 \):

\[ \text{Homeowner's Insurance Monthly} = \frac{1199}{12} \approx 99.9167 \]

The semi-annual cost of property tax is given as \( 3930.22 \). To find the monthly cost, we divide by \( 6 \):

\[ \text{Property Tax Monthly} = \frac{3930.22}{6} \approx 655.0367 \]

Now, we sum the monthly costs of homeowner's insurance and property tax:

\[ \text{Total Monthly Savings} = 99.9167 + 655.0367 \approx 754.9534 \]

Rounding to the nearest cent, we have:

\[ \text{Total Monthly Savings} \approx 754.95 \]

Final Answer