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What is the average monthly mortgage payment?

Monthly Expenditures

\begin{tabular}{|l|r|r|r|}
\hline & \multicolumn{1}{|c|}{ June } & \multicolumn{1}{c|}{ July } & \multicolumn{1}{c|}{ August } \\
\hline Water & [tex]$\$[/tex] 32.00[tex]$ & $[/tex]\[tex]$ 26.00$[/tex] & [tex]$\$[/tex] 24.00$ \\
\hline Mortgage & [tex]$\$[/tex] 1200.00[tex]$ & $[/tex]\[tex]$ 1200.00$[/tex] & [tex]$\$[/tex] 1200.00$ \\
\hline Electricity & [tex]$\$[/tex] 190.00[tex]$ & $[/tex]\[tex]$ 220.00$[/tex] & [tex]$\$[/tex] 242.00$ \\
\hline Car Loan & [tex]$\$[/tex] 225.00[tex]$ & $[/tex]\[tex]$ 225.00$[/tex] & [tex]$\$[/tex] 225.00$ \\
\hline
\end{tabular}

[tex]\[ \text{Average Monthly Mortgage Payment} = \$1200.00 \][/tex]



Answer :

GinnyAnswer
To find the average monthly mortgage payment over June, July, and August, we start by identifying the mortgage payments for each month.

From the given table:
- For June, the mortgage payment is $1200.00.
- For July, the mortgage payment is $1200.00.
- For August, the mortgage payment is $1200.00.

Next, we calculate the total mortgage payment over these three months:
[tex]\[ 1200.00 + 1200.00 + 1200.00 = 3600.00 \][/tex]

To find the average monthly mortgage payment, we divide the total mortgage payment by the number of months, which is 3:
[tex]\[ \text{Average Monthly Mortgage Payment} = \frac{3600.00}{3} = 1200.00 \][/tex]

Therefore, the average monthly mortgage payment is:
[tex]\[ \$1200.00 \][/tex]

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