Answer:
$526.25, and your total monthly expense (including rent and maintenance fee) is $2,326.25.
Explanation:
To calculate your average monthly expense, we need to first add up all of your annual expenses and divide by 12 (the number of months in a year) to find the monthly average.
Annual expenses:
Insurance: $325
Lost interest: $50
Utility bills: $5,940
Total annual expenses = $325 + $50 + $5,940 = $6,315
To find the average monthly expense, we divide the total annual expenses by 12:
Average monthly expense = Total annual expenses / 12
Average monthly expense = $6,315 / 12
Average monthly expense = $526.25
In addition to the annual expenses, you also pay a monthly rent of $1,700 and a monthly fee for all maintenance. Let's assume that the monthly maintenance fee is $100.
Therefore, your total monthly expense would be:
Total monthly expense = Monthly rent + Monthly maintenance fee + Average monthly expenses
Total monthly expense = $1,700 + $100 + $526.25
Total monthly expense = $2,326.25
So, your average monthly expense is $526.25, and your total monthly expense (including rent and maintenance fee) is $2,326.25.