Question

In 2013 the median monthly rent for a one-bedroom apartment in San Francisco was $2,750. The equation below models the median monthly cost, C. in dollars, for a one-bedroom apartment over the next t years (assuming 2013 to be t = 0). C = 250t + 2.750 James moved to San Francisco in 2015 and paid the median price to rent a one-bedroom apartment. How much less would James have paid each month in rent if he had moved to San Francisco in 2014 and rented a one-bedroom apartment for the median price?

Answer 1

The equation models the median monthly cost for the rent of a one bedroom apartment in San Fransisco.

`C=250t+2750`

If the year 2013 can be counted as t=0

Then the next year 2014 will be t=1

And the next year, 2015, will be t=2

To determine how much less would James pay if he moved in 2014 instead of 2015, you have to calculate the median cost for both yeanrs and calculate their difference.

Median cost for 2015 (t=2)

`C=250\cdot2+2750=3250`

Median cost for 2014 (t=1)

`C=250\cdot1+2750=3000`

Subtract the median cost of 2014 to the median cost of 2015:

`C_(2015)-C_(2014)=3250-3000=250`

He woul have paid $250 less if he rented the place in 2014.