6.1 Finding a Place to Live Bell Ringer

Front

What percentage of income should be budgeted for monthly rent according to financial guidelines?

Back

28% of income.

Front

How do you calculate the maximum affordable monthly rent based on annual income?

Back

Multiply annual income by 0.28 and divide by 12.

Front

If Martin makes $66,000 per year, how much can he afford for rent each month?

Back

$1,540.

Front

What factors contribute to the total cost of moving?

Back

Distance, hours of loading/unloading, and packing/unpacking.

Front

How do you calculate total moving costs based on hourly rates and time?

Back

Multiply the hourly rate by the total hours worked.

Front

What is the formula for a system of equations to find hourly rates for services?

Back

Set up equations based on total costs and hours for each service.

Front

If Zane's moving cost decreased from $675 to $425, what is the hourly rate for packing if he packed for 4 hours?

Back

$50.00.

Front

What is the significance of application fees when renting an apartment?

Back

Application fees are typically a percentage of the first month's rent and cover processing costs.

Front

What are common upfront costs associated with renting an apartment?

Back

Application fee, security deposit, first month's rent, and broker's fee.

Front

How do you calculate the total upfront cost for renting an apartment?

Back

Sum all fees: application fee, security deposit, broker's fee, and first month's rent.