Question

Kevin and Emily Johnson pay $1,375 for monthly rent. Emily lost her job and the couple needs a less expensive apartment. They rented a new apartment for $950 per month. If the cost of moving was $275, find their savings the first year if they move to a new apartment.

Answer 1

Step 1) Solve for the amount of money Kevin and Emily used to spend in a year for rent

1375 x 12 = 16500

Step 2) Solve for the amount of money Kevin and Emily spend in a year now for rent

(950 x 12) + 275 = 11675

Step 3) Subtract the new amount of money per year from the old amount of money per year to find the savings in the first year

16500 - 11675 = 4825

Kevin and Emily will save $4,825 the first year if they move to a new apartment.

Hope this helps!! :)