Question

Rachel is considering moving into a one-bedroom apartment in Glen Gardens. The apartment has a monthly rent of $1,300. Below are the fees that she has been quoted: application fee: 2% of 1 month's rent, credit application fee: $10, security deposit: 1 month's rent, last month's rent, broker's fee: 12% of 1 year's rent. How much is she expected to pay up front in order to rent this apartment? *

Answer 1

She is expected to pay $4508 up front.

Application fee:  2% of 1300 = 0.02(1300) = 26
Credit application fee:  10
Security deposit:  1300
Last month's rent:  1300
Broker fee:  12% of year's rent = 0.12(1300)(12) = 1872

26+10+1300+1300+1872 = 4508