Question

Akellia found an apartment that costs $1,300 a month. She has to pay the following fees: the application fee is 2% of 1 month's rent, credit application fee of $10, security deposit is 1 month's rent, she has to pay last month's rent, and a broker's fee of 12% of 1 year's rent. How much total is she paying to move in?

Answer 1

Akellia will pay a total of $4,808 to move into her apartment, which includes the first month's rent, application fee, credit application fee, security deposit, last month's rent, and a broker's fee.

Step-by-step explanation:

To calculate how much Akellia will pay to move into her new apartment, we need to add up all the initial fees she will encounter:

• Monthly rent: $1,300
• Application fee (2% of one month's rent): $1,300 × 0.02 = $26
• Credit application fee: $10
• Security deposit (1 month's rent): $1,300
• Last month's rent: $1,300
• Broker's fee (12% of one year's rent): $1,300 × 12 × 0.12 = $1,872

Adding these together gives us the total initial cost to move in: $1,300 (monthly rent) + $26 (application fee) + $10 (credit application fee) + $1,300 (security deposit) + $1,300 (last month's rent) + $1,872 (broker's fee) = $4,808. Therefore, Akellia will pay a total of $4,808 to move into her apartment.