Teresa rents her apartment for $860860 per month, utilities not included. When she moved in, she paid a $700700 security deposit using money from her savings account that was paying 33% interest. Her renter's insurance costs her $8484 per year. What are Teresa's total annual costs of renting? Teresa's total annual costs of renting are $nothing. (Round to the nearest cent.)

$10,425

Explanation:

The computation of total annual costs of renting is shown below:-

Total annual costs of renting = Annual cost of rent + Annual insurance cost + Interest lost

= ($860 × 12) + $84 + ($700 × 3%)

= $10,320 + $84 + $21

= $10,425

Therefore computing the total annual costs of renting we simply applied the above formula.

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explanation:

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