Tyrone Northrup pays monthly rent of $1,240 for a one-bedroom apartment in a large city. He pays an extra monthly charge of $160 to the rental company for a parking space in an attended lot. His other costs are: electricity, $90 a month; other utilities, $860 a year; and insurance, $170 a year. What is his annual cost of renting?

$18,910.00

Explanation:

Monthly rent $1240

Extra monthly charge $160

Electricity $90

Other utilities $860 per year

Insurance $170 per year

The monthly rent per year will be

=$1240 x 12

=$14,880

Parking charges per year

=$160 x 12

=$1,920

Electricity charges per year

=$90 x 12

=$1,080

Other utilities per year

=$860

Insurance per year

=$170

The annual cost will be

=$14,880 + $1,920 + $1,080 + $860 + $170

=$18,910.00

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