63.1k views
3 votes
California laws requires that renters be paid interest on their security deposits. You are considering renting a one bedroom uni at The Sterling Heights Apartments, where a $1,500 security deposit is required. You plan to live there about three years. If you expect 2 percent a year how much interest should you expect to receive when you move out in three years

User Karo
by
5.8k points

1 Answer

7 votes
1,500 x .02 = 1st year $30 interest
1,530 x .02 = 2nd year $30.60 interest
1530.60 = 3rd year $30.61 interest
$1591.21 earned at move out
User Obi
by
6.1k points