Mika 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 now, he could put $0 down, but he must pay closing costs of $7,100. His monthly mortgage payment will be $675. Mika decides to rent instead of buy because it is the cheapest option over the first 3 years. His move-in costs are one month's rent and a $750 security deposit.To the nearest dollar, what is the maximum amount of monthly rent payment he could pay?
