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You rent an apartment that costs
$900 per month during the first year, but the rent is set to go up
$190 per year. What would be the monthly rent during the 5 th year of living in the apartment?
Answer:
$ □

You rent an apartment that costs $\$ 900$ per month during the first year, but the rent is set to go up $\$ 190$ per year. What would be the monthly rent during the $5$ th year of living in the apartment? $\newline$ Answer: $\$$ $\square$

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Finance problems

Full solution

Q. You rent an apartment that costs

\$ 900

per month during the first year, but the rent is set to go up

\$ 190

per year. What would be the monthly rent during the

5

th year of living in the apartment?

\newline

Answer:

\$

\square

Determine initial rent: Determine the initial monthly rent and the annual increase. $\newline$ Initial monthly rent = $\$900$ $\newline$ Annual increase = $\$190$
Calculate total increase: Calculate the total increase in rent after $4$ years. $\newline$ Since the rent increases by $\$190$ each year, after $4$ years, the total increase will be: $\newline$ Total increase = Annual increase $*$ Number of years $\newline$ Total increase = $\$190 \times 4$ $\newline$ Total increase = $\$760$
Find rent for $5$ th year: Add the total increase to the initial monthly rent to find the rent for the $5$ th year. $\newline$ Monthly rent during the $5$ th year = Initial monthly rent + Total increase $\newline$ Monthly rent during the $5$ th year = $\$900$ + $\$760$ $\newline$ Monthly rent during the $5$ th year = $\$1660$

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