Question

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? a. $10 b. $207 c. $620 d. $1,270 Please select the best answer from the choices provided A B C D.

Answer 1

Total amount of security deposit, deposited by three friends after paying the rent is $620.01. Option C is the correct option.

What is monthly payment?

The monthly payment is the amount which is required to pay each month to pay off the borrowed principal amount or the rent of a service charged monthly.

The rent of the apartment is $650 per month. The rent of the two months (first and last) is,

$M=2\times650\\M=1300$

This rent is paid by three friends. Thus, the amount which is paid by an individual friend is,

$P=\dfrac{1300}{3}\\P=433.33$

They each paid $640 towards the total move in cost of first and last month's rent and a security deposit. Therefore,

$P=640-433P=206.67$

Thus, $206.67 is paid by each of them towards security deposits. The total amount of security deposit, deposited by 3 of them, is,

$SD=206.67\times3\\SD=620.01$

Hence, total amount of security deposit, deposited by three friends after paying the rent is $620.01. Option C is the correct option.



Learn more about the monthly payment here;

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Answer 2

Answer:

C

Step-by-step explanation: