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Lady_Fox [76]
4 years ago
9

Miguel wants to buy a condominium. He has the choice of buying it now or renting it with the option to buy at the end of 3 years

. If he buys it now, it will cost him $6,000 to close and his mortgage payment will be $726 per month. If he rents, he must pay a move-in cost of one month's rent and a security deposit of $2,000. Miguel decides to rent because it is the cheapest option over the first 3 years. To the nearest dollar, what is the maximum amount of monthly rent payment he could pay
Mathematics
2 answers:
tatuchka [14]4 years ago
6 0

Answer:

C 1814 is the right answer just took test on edg 2020

Step-by-step explanation:

pentagon [3]4 years ago
5 0
For buying, the total cost will be $6,000 at the start, and over the 36 months, $726/months, so this gives a total of 6000 + 36(726) = $32,136.
For renting, the one-timme security deposit is $2,000, and over the next 36 months, he will pay $x/month. The total cost would be 2000 + 36x.
If this is less than the cost of buying:
2000 + 36x < 32136
36x < 30136
x < $837.11
Therefore, the maximum monthly rent is $837.
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