13. steven sassone pays $248.78 semiannually for insurance. 14. mary lean winters pays $103.26 quarterly for…

13. steven sassone pays $248.78 semiannually for insurance. 14. mary lean winters pays $103.26 quarterly for insurance. use the annual budgets to find the monthly budget for each item. 15. bill valente annual monthly disposable income $33,280 clothing $2100 debt service $1980 food $4200 hobbies $120 housing $8400 insurance $2100 medical $2100 recreation $1200 savings $3000 transportation $4200 utilities $1800 vacation $1200 miscellaneous $880 16. della smith annual monthly $46,217 $3000 no debt $6600 $200 $13,000 $3000 $3000 $300 $2400 $6000 $3000 $5000 $717

13. steven sassone pays $248.78 semiannually for insurance. 14. mary lean winters pays $103.26 quarterly for insurance. use the annual budgets to find the monthly budget for each item. 15. bill valente annual monthly disposable income $33,280 clothing $2100 debt service $1980 food $4200 hobbies $120 housing $8400 insurance $2100 medical $2100 recreation $1200 savings $3000 transportation $4200 utilities $1800 vacation $1200 miscellaneous $880 16. della smith annual monthly $46,217 $3000 no debt $6600 $200 $13,000 $3000 $3000 $300 $2400 $6000 $3000 $5000 $717

Answer

Explanation:

Step1: Recall the conversion formula

To convert annual budget to monthly budget, divide the annual amount by 12 since there are 12 months in a year.

Step2: Calculate Bill Valente's monthly budgets

Disposable income: $\frac{33280}{12}\approx2773.33$ Clothing: $\frac{2100}{12} = 175$ Debt service: $\frac{1980}{12}=165$ Food: $\frac{4200}{12} = 350$ Hobbies: $\frac{120}{12}=10$ Housing: $\frac{8400}{12}=700$ Insurance: $\frac{2100}{12}=175$ Medical: $\frac{2100}{12}=175$ Recreation: $\frac{1200}{12}=100$ Savings: $\frac{3000}{12}=250$ Transportation: $\frac{4200}{12}=350$ Utilities: $\frac{1800}{12}=150$ Vacation: $\frac{1200}{12}=100$ Miscellaneous: $\frac{880}{12}\approx73.33$

Step3: Calculate Della Smith's monthly budgets

Disposable income: $\frac{46217}{12}\approx3851.42$ Clothing: $\frac{3000}{12}=250$ Debt service: 0 (no debt) Food: $\frac{6600}{12}=550$ Hobbies: $\frac{200}{12}\approx16.67$ Housing: $\frac{13000}{12}\approx1083.33$ Insurance: $\frac{3000}{12}=250$ Medical: $\frac{3000}{12}=250$ Recreation: $\frac{3000}{12}=250$ Savings: $\frac{300}{12}=25$ Transportation: $\frac{2400}{12}=200$ Utilities: $\frac{6000}{12}=500$ Vacation: $\frac{3000}{12}=250$ Miscellaneous: $\frac{5000}{12}\approx416.67$

Step4: Round to appropriate values

Round the values as per the requirements of the problem (usually to two - decimal places for money values).

Answer:

Bill Valente: Disposable income: $$2773.33$ Clothing: $$175$ Debt service: $$165$ Food: $$350$ Hobbies: $$10$ Housing: $$700$ Insurance: $$175$ Medical: $$175$ Recreation: $$100$ Savings: $$250$ Transportation: $$350$ Utilities: $$150$ Vacation: $$100$ Miscellaneous: $$73.33$

Della Smith: Disposable income: $$3851.42$ Clothing: $$250$ Debt service: $$0$ Food: $$550$ Hobbies: $$16.67$ Housing: $$1083.33$ Insurance: $$250$ Medical: $$250$ Recreation: $$250$ Savings: $$25$ Transportation: $$200$ Utilities: $$500$ Vacation: $$250$ Miscellaneous: $$416.67$