Question

Patricia McCarthy lives in a subsidized apartment complex for low-income senior citizens. She pays a monthly rent of $297 for a unit that could rent for $650 a month elsewhere. The monthly rent provides heat and water but does not cover the $42 average monthly cost of electricity. She carries no insurance on the contents of the apartment. What are her annual costs of renting the apartment?

Answer 1

$4,068

Step-by-step explanation:

Margret's monthly rent = $297

Monthly electricity costs = $42

Her costs per year will be

= ($297 x 12) + ( $42 x 12)

=$3,564 + $504

=$4,068