Lesson 1: Renting an Apartment Problem Set

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Vocabulary: When you rent an apartment, the person you rent from is called the landlord, while the renter is called the....

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What is the written agreement between you and the landlord, which states the rules called?

Financial Experts agree, a person should budget 25% to 30% of their gross income for rent.  Use this advice to help you answer the following questions:

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Jake makes $15 an hour, and works 40 hours a week. Estimate how much he should spend on an apartment each month if he follows the advice of the experts and will allocate 30% of his gross income to rent. (Assume 4 weeks in the month)

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Rachelle just got her first salary job! She makes $41,000 a year. Estimate how much she can spend on an apartment each month if she follows the advice of the experts and will allocate 25% of her income to rent.

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Examine the following situation:
Upon moving into an apartment, the tenant Rick had to pay a security deposit in addition to rent. A year later, Rick moves out and the landlord comes through the apartment to assess the condition. In addition to broken gadgets all over the apartment, the carpet has gross coloring, there is evidence of giant flies and a weird smell reminicint of pickle juice? Do you think Rick will get his security deposit back?

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Examine the following situation:
Upon moving into an apartment, the tenant Lisa had to pay a security deposit in addition to rent. A year later, Lisa moves out and the landlord comes through the apartment to assess the condition. To the landlord's delight, the apartment appears to be in better condition that a year prior. The carpet has been shampooed, the walls flawlessly repainted white and the fridge is well cleaned. Do you think Lisa will get her security deposit back?

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Suppose someone rents a 2 bedroom apartment for $1600 a month. On average, the gas bill is typically $22, the electricity bill is $30, the water bill is $17, the garbage bill is $25 and the internet bill is $90. On average, how will this person pay each month in rent and utilities?

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Describe how someone could decrease their monthly living expenses.

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Suppose someone rents a 2 bedroom apartment for $1400 a month. On average their utility bills are $250 and internet is an additional $90.
This person decides to cut costs by getting a roommate to split the expenses 50-50. How much will each roommate pay monthly?

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Suppose someone rents a studio bedroom apartment for $900 a month. On average, the gas bill is typically $15, the electricity bill is $37, the water bill is $13, the garbage bill is $25 and the internet bill is $90. There is a monthly pet fee of $100, which this person pays since they have a cat. On average, the cat costs an additional $50 in food and litter. How much does this person pay monthly in rent and utilities, and to take care of their pet?

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Suppose someone decides to live at home and save money. If they make $20 an hour and work 40 hours a week, how much money will they make in a year?

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Suppose someone decides to live at home and save money. If they make $20 an hour and work 40 hours a week. How much money will they pocket AFTER 1 year if 18% of that income goes to taxes?

Lesson 1: Renting an Apartment Problem Set

Vocabulary: When you rent an apartment, the person you rent from is called the landlord, while the renter is called the....

What is the written agreement between you and the landlord, which states the rules called?

Jake makes $15 an hour, and works 40 hours a week. Estimate how much he should spend on an apartment each month if he follows the advice of the experts and will allocate 30% of his gross income to rent. (Assume 4 weeks in the month)

Rachelle just got her first salary job! She makes $41,000 a year. Estimate how much she can spend on an apartment each month if she follows the advice of the experts and will allocate 25% of her income to rent.

Suppose someone rents a 2 bedroom apartment for $1600 a month. On average, the gas bill is typically $22, the electricity bill is $30, the water bill is $17, the garbage bill is $25 and the internet bill is $90. On average, how will this person pay each month in rent and utilities?

Describe how someone could decrease their monthly living expenses.

Suppose someone rents a 2 bedroom apartment for $1400 a month. On average their utility bills are $250 and internet is an additional $90. This person decides to cut costs by getting a roommate to split the expenses 50-50. How much will each roommate pay monthly?

Suppose someone decides to live at home and save money. If they make $20 an hour and work 40 hours a week, how much money will they make in a year?

Suppose someone decides to live at home and save money. If they make $20 an hour and work 40 hours a week. How much money will they pocket AFTER 1 year if 18% of that income goes to taxes?

Vocabulary: When you rent an apartment, the person you rent from is called the landlord, while the renter is called the....

What is the written agreement between you and the landlord, which states the rules called?

Jake makes $15 an hour, and works 40 hours a week. Estimate how much he should spend on an apartment each month if he follows the advice of the experts and will allocate 30% of his gross income to rent. (Assume 4 weeks in the month)

Rachelle just got her first salary job! She makes $41,000 a year. Estimate how much she can spend on an apartment each month if she follows the advice of the experts and will allocate 25% of her income to rent.

Suppose someone rents a 2 bedroom apartment for $1600 a month. On average, the gas bill is typically $22, the electricity bill is $30, the water bill is $17, the garbage bill is $25 and the internet bill is $90. On average, how will this person pay each month in rent and utilities?

Describe how someone could decrease their monthly living expenses.

Suppose someone rents a 2 bedroom apartment for $1400 a month. On average their utility bills are $250 and internet is an additional $90. This person decides to cut costs by getting a roommate to split the expenses 50-50. How much will each roommate pay monthly?

Suppose someone decides to live at home and save money. If they make $20 an hour and work 40 hours a week, how much money will they make in a year?

Suppose someone decides to live at home and save money. If they make $20 an hour and work 40 hours a week. How much money will they pocket AFTER 1 year if 18% of that income goes to taxes?

Suppose someone rents a 2 bedroom apartment for $1400 a month. On average their utility bills are $250 and internet is an additional $90.
This person decides to cut costs by getting a roommate to split the expenses 50-50. How much will each roommate pay monthly?

Suppose someone rents a 2 bedroom apartment for $1400 a month. On average their utility bills are $250 and internet is an additional $90.
This person decides to cut costs by getting a roommate to split the expenses 50-50. How much will each roommate pay monthly?