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.

Question

3 years ago

12

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?

Mathematics

2 answers:

mixer [17] · Answer 1 · 2022-02-07T07:44:33+03:00

mixer [17]3 years ago

5 0

Answer:

Step-by-step explanation:

$828

GalinKa [24] · Answer 2 · 2022-02-07T09:23:20+03:00

GalinKa [24]3 years ago

5 0

Answer:

C. 828

Step-by-step explanation: