Question

Monica graduated from high school this year and has a steady job. She feels ready to move into her own space and has $1,200 in savings. Does she have enough for a down payment to rent this apartment?

Security Deposit $500
Application Fee $10
First Month's Rent $550
Parking (optional garage) $30
Electricity included in the rent
Telephone approximately $36 per month; $40 to connect
Water $26 per month; a deposit of $50

Answer 1

Yes, Monica has enough money in savings to pay the downpayment of $500. She can take the $500 out of her savings account. She will need to keep making money each month to afford her bills though. Monica can not survive the first month on just the savings account funds she currently has.

Answer 2

The answer is Yes, I got it correct in the test!