Question

Erica is considering moving into a one-bedroom apartment in Hyde Park. The

apartment has a rent of $960 and has the following fees.
- Application fee: 6.5% of one month's rent
Credit application fee: $15
- Security deposit: 2 month's rent
- Lease protection: the last month's rent
Broker's fee: 7% 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?
PLEASE PLEASE HELP

Answer 1

App. Fee = 960 * 0.065
Running total = 1022.4
Credit app. = 15
Running total = 1037.40
Lease prot. = 960
Running total = 1997.40
Broker’s fee = (960 * 12) * 0.07
Running total = 2803.80
First months rent = 960

Final = $3763.80