1) Tom, his dog AirBud, and his cat Simba are moving into an apartment with $1500 per month rent. Move in fees include:
Application Fee:
20% of rent
Administrative Fee: 2% of rent
Pet Deposit, Dog:
$500
Pet Deposit, Cat:
$150
Security Deposit:
$500
Plus first and last month of rent.
How much will Tom have to pay to move in?
2.) Shrek and Fiona paid an 18% (of rent) application fee for an apartment with $1,200 rent. The
landlord has a list of fees for Shrek and Fiona. They need to pay first and last months rent and there is a
security deposit that is $650. Then there is a pet fee of $250 for Donkey.
a.) How much will it cost them to move into the apartment?
Fiona makes $2,000 and Shrek makes $1,500
b.) Are they following the 28% rule when it comes to the rent of $1,200?