Question

When signing the lease for her $975.00 per month rental property, selah will have to pay the first month's rent, last month's rent, and a security deposit equal to 75% of one month's rent. if selah currently earns an average weekly net pay of $790.00, determine what percent of her weekly pay she will need to save if she wants to sign her lease in 6 weeks

Answer 1

Selah will need to save approximately 56.57% of her weekly net pay of $790.00 for 6 weeks to pay for the first and last month's rent along with a security deposit for her new $975.00 per month rental property.

Step-by-step explanation:

When signing the lease for a rental property that costs $975.00 per month, Selah will need to pay the first month's rent, last month's rent, plus a security deposit equal to 75% of one month's rent. The total upfront cost will be the sum of the first and last month's rent ($975.00 + $975.00) and the security deposit ($975.00 × 0.75). This gives a total amount of $1,950.00 + $731.25, which equals $2,681.25.

Selah's average weekly net pay is $790.00. To save up for her lease in 6 weeks, she needs to save a total of $2,681.25. Dividing this by 6 gives $446.875 per week. To find out what percent of her weekly pay this represents, divide $446.875 by her weekly pay of $790.00 and multiply by 100. This gives approximately 56.57% of her weekly pay.

Therefore, Selah will need to save about 56.57% of her weekly pay for 6 weeks to cover the cost of signing her lease.