Asked by Zaria Howard on Jun 26, 2024
Verified
Erica is considering moving into a one-bedroom apartment in Hyde Park.The apartment has a rent of $880 and has the following fees.
- Application fee: 5% of one month's rent
- Credit application fee: $15
- Security deposit: 1 month's rent
- Lease protection: the last month's rent
- Broker's fee: 9% of one year's rent
- First month's rent
How much is Erica expected to pay up front in order to move into this apartment?
Security Deposit
A sum of money held in trust either as an initial part-payment in a purchasing process or as a guarantee for the performance of a specified action.
Broker's Fee
A fee charged by a broker for executing transactions or providing specialized services.
Lease Protection
A plan or policy that covers potential damage or excessive wear and tear on a leased vehicle beyond what is considered normal.
- Acquire knowledge in basic financial calculations involving percentages and the determination of proportions.
- Understand the fundamentals of leasing, renting, and owning a home, as well as the interpretation of lease agreements.
Verified Answer
Learning Objectives
- Acquire knowledge in basic financial calculations involving percentages and the determination of proportions.
- Understand the fundamentals of leasing, renting, and owning a home, as well as the interpretation of lease agreements.
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