Furnishing an apartment

you have just graduated from HS and you and your best friend are looking to rent an apartment. The apartment you would like to rent costs 972.00 a month. You earn $1500 a month. You share montly expenses with your roomate: rent ($972), gas ($62), electricity ($73) and water ($400) annually.

You also need to furnish your apartment. Acorn Rentals will ren you furniture for $125 a month with no security deposit or $50 a month with $450 security deposit.

The Willowbrook Furniture Store is having a sale. A sofa, a loveseat, and a coffee table costs $500, a kitchen table with chairs costs $250, and a tv/stereo costs $375.

A) What would it cost to rent furniture from Acron Rentals for the first year? the second year?

B) What would it cost to buy furniture from the Willowbrook Furniture Store?

C) What is your share of the monthly expenses?

you have just graduated from HS and you and your best friend are looking to rent an apartment. The apartment you would like to rent costs 972.00 a month. You earn $1500 a month. You share montly expenses with your roomate: rent ($972), gas ($62), electricity ($73) and water ($400) annually.

You also need to furnish your apartment. Acorn Rentals will ren you furniture for $125 a month with no security deposit or $50 a month with $450 security deposit.

The Willowbrook Furniture Store is having a sale. A sofa, a loveseat, and a coffee table costs $500, a kitchen table with chairs costs $250, and a tv/stereo costs $375.

A) What would it cost to rent furniture from Acron Rentals for the first year? the second year?
no deposit:
$125/mo x 12 mo = cost 1st yr.
same cost for 2nd year.

deposit of $450:
($50/mo x 12 mo)+$450 = cost yr 1.
$50/mo x 12 mo = cost yr 2.


B) What would it cost to buy furniture from the Willowbrook Furniture Store?
Just add the costs of the items to obtain the total cost.

C) What is your share of the monthly expenses?
Add the cost of the expenses and divide by two. Note that some of the costs are listed by month but the water bill is listed annually; therefore, the water bill must be divided by 12 to obtain the monthly cost. Frankly, this question isn't stated very well; i.e., I would consider the furniture rental as monthly costs but I don't THINK the problem does. Also, part A doesn't ask for cost with or without deposit; therefore, we don't know which the authors want.

A) To calculate the cost of renting furniture from Acorn Rentals for the first year, you need to multiply the monthly rental cost by 12 because there are 12 months in a year:

No deposit: $125/month x 12 months = $1500 for the first year.
With a $450 security deposit: ($50/month x 12 months) + $450 = $1050 for the first year.

The second year would have the same costs as the first year.

B) To calculate the cost of buying furniture from Willowbrook Furniture Store, you need to add the costs of the individual items:

Sofa, loveseat, and coffee table: $500
Kitchen table with chairs: $250
TV/stereo: $375

Total cost to buy furniture: $500 + $250 + $375 = $1125.

C) To calculate your share of the monthly expenses, you need to add up the costs of rent, gas, electricity, and water, and divide by two because you are sharing the expenses with your roommate:

Rent: $972
Gas: $62
Electricity: $73
Water (annual): $400 / 12 months = $33.33 per month

Total monthly expenses: $972 + $62 + $73 + $33.33 = $1140.33
Your share of the monthly expenses: $1140.33 / 2 = $570.16.