Abdul wants to lease an apartment for 5 years. how much money would he have paid at the end of 5 years if he pays a $400 deposit and a $525 a month in rent?
3,025.00
525 * 60 months = $31,500
$31,500 + 400 = $31,900
To calculate the total amount of money Abdul would have paid at the end of 5 years, we need to consider the monthly rent and the duration of the lease.
First, let's determine the total number of months in 5 years by multiplying the number of years by 12 (since there are 12 months in a year):
5 years * 12 months/year = 60 months
Now, let's calculate the total amount of rent paid in 5 years by multiplying the monthly rent by the number of months:
Rent per month * Number of months = $525/month * 60 months = $31,500
In addition to the rent, Abdul also paid a $400 deposit at the beginning. This deposit is usually refundable at the end of the lease, so we don't count it as an expense.
Therefore, Abdul would have paid a total of $31,500 in rent over the 5-year lease period.