Check my math ! ?
1. when you estimate expenses for a month, you should
a: add expenses for rent/mortage, utilities, food, and gas. (my answer)
b: round all expenses down.
c: add only the rent/mortgage and utility expenses.
d: estimate that it will be about 20% of your net income.
2. suppose you have a bi-weekly mortgage payment of $657. if there are typically 4 weeks in a month, what do you need to do to estimate your monthly mortgage payment?
a: multiply it by 2, then round
b: round it down to $650, then multiply by 2
c: add it to other estimates just as it is
d: multiply it by 4, then round (my answer)
3. rent is $978. phone charges last month were $54.89. groceries cost about $93/week. what is a good estimate of your monthly expenses?
a: $1,126.00
b: $1,100.00
c: $1, 433.00
d: $1,400.00 (my answer)
4. bi-weekly mortgage is $455. monthly phone charges are $34.95. the electric bill last month was $65.88. groceries cost about $87/week. what is a good estimate of your monthly expenses?
a: $643.00
b: $904.00 (my answer)
c: $1,098.00
d: $1,359.00

1. If I remember from class correctly, your monthly expenses should be about 20% of your net income, so the answer would be D. Although, adding up the expenses would work as well.
2. If the payment is bi-weekly, and there are 4 weeks in a month, you only have to multiply by 2, because "bi-weekly" means every 2 weeks, which means the payment would come twice a month. So, the answer would be A, Multiply by 2 and then round.
3. Round each of the numbers. 978 becomes 980, 54.89 becomes 55, and 93 becomes 90. We'll assume that there are 4 weeks in a month. Add them all up. 980+55+90+90+90+90 = 1395  So, yes, your answer of D, 1,400.00 is a good estimate.
4. Again, round each of the numbers. 455 can stay the same, 34.95 becomes 35, 65.88 can stay at 65 for the sake of easy math, and 87 gets rounded up to 90.
We'll keep assuming that there are 4 weeks in a month. Now, add them all up. Be sure to remember that the rent is bi-weekly, so it has to be added in twice. 455+455+35+65+90+90+90+90 = 1370. This means that of the choices, D, 1,359.00 is a good estimate of the monthly expenses.