Buying vs. Renting a Home Answers

Marquet is relocating to an area where she will be attending college. She finds a townhome with an option to rent or buy. The conditions of each are shown below.Rent: Move-in cost of $1,350 and monthly payment of $795.Buy: Move-in cost of $8,235 and monthly payments of $750.Marquet plans to stay in the area for the 5 years it will take her to get a graduate degree, so she decides to buy. Choose the best evaluation of Marquet’s decision.

Keyon and two of his friends are going to rent a 3 bedroom apartment for $840 a month. The security deposit is $500 and the pet deposit is $265. In addition to the deposits, Keyon and his friends must pay first and last month's rent. If they split the cost evenly, how much will each pay to move in?

Which of the following is not a typical cost associated with renting?

Marquet is relocating to an area where she will be attending college. She finds a townhome with an option to rent or buy. The conditions of each are shown below.Rent: Move-in cost of $1,350 and monthly payment of $795.Buy: Move-in cost of $8,235 and monthly payments of $750.Marquet plans to stay in the area for the 5 years it will take her to get a graduate degree, so she decides to buy. Choose the best evaluation of Marquet’s decision.

Which of the following is an advantage of renting?

Three friends decide to rent an apartment and split the cost evenly. They each paid $640 towards the total move in cost of first and last month's rent and a security deposit. If rent is $650 per month, how much was the security deposit?

Which of the following is an advantage of renting?

Latisha found an apartment that she wants to rent. The rent is $675 per month and there is a security deposit of $325. To move in, Latisha must have first month's rent, last month's rent and the security deposit. How much does Latisha need to move in?

Three friends decide to rent an apartment and split the cost evenly. They each paid $640 towards the total move in cost of first and last month's rent and a security deposit. If rent is $650 per month, how much was the security deposit?

Describe what is meant by the statement “Renting can restrict ones lifestyle.”

Pat and his friend rent an apartment together. Their total cost to move in included first month's rent, last month's rent and a security deposit of $600. If Pat paid a total of $1,050 to move in, how much is his share of the rent each month?

Which of the following is not a typical cost associated with renting?

Miguel 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 it now, it will cost him $6,000 to close and his mortgage payment will be $726 per month. If he rents, he must pay a move-in cost of one month's rent and a security deposit of $2,000. Miguel decides to rent because it is the cheapest option over the first 3 years. To the nearest dollar, what is the maximum amount of monthly rent payment he could pay?

Which of the following could result in higher living costs for the homeowner that the renter doesn’t have?

Miguel 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 it now, it will cost him $6,000 to close and his mortgage payment will be $726 per month. If he rents, he must pay a move-in cost of one month's rent and a security deposit of $2,000. Miguel decides to rent because it is the cheapest option over the first 3 years. To the nearest dollar, what is the maximum amount of monthly rent payment he could pay?