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Rhonda has just graduated from community college and now wants to move out of her parents’ house. She worked part time while she studied and saved $5000 over the past three years. She found a nice apartment that is renting for $480/month and requires a $400 damage deposit. Using her savings, for how long will Rhonda be able to rent her apartment?

Answer:

Rhonda’s Apartment Rental Duration Estimate

Rhonda has saved up $5000 over the past three years while attending community college and now is ready to move out of her parents’ house. She found a nice apartment that will cost her $480/month and a $400 damage deposit. Using her savings, Rhonda will be able to rent her apartment for approximately 10 months.

Cost Breakdown

Rhonda’s total cost for her apartment is $480/month plus a $400 damage deposit. This totals to $880 per month. She has saved up $5000, so she can divide this by her total cost of $880 to get her total duration of rental, which is approximately 5.68 months.

Rounding Up

Rhonda has been conservative with her savings, so it is best to round up in order to account for any additional costs and give her a more accurate estimate of the duration that her savings will cover. Rounding up to the nearest month, Rhonda will be able to rent her apartment for approximately 10 months.

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