Lynda Davis bought a house for $90,000. Her expenses each month are $70 in depreciation, $50 for property tax, $25 for insurance, $80 for repairs, and $200 for interest. She rents the house for $1,200 per month.
What are her total expenses for the month?
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This looks like an addition problem. Add up the expenses in order to get the total expenses for the month.
$70 + $50 + $25 + $80 + $200 + $1,200 = $1,625
It looks like it is but I have the answer. It's 425. This is just the first part. Their are four parts.
Well, if that's the case, then that means we're not going to add the rent in. So, if you add up:
$70 + $50 + $25 + $80 + $200 = $425.
I'm not really sure why the rent isn't considered an expense, but I guess that's just how they want you to do it.
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Do u want me to type the rest of the qiestion?
ok. Thank you for your help! :)
(2) What are her expenses for the year?
(3) What is her rental income for the year?
(4) What is her rate of oncome to the nearest tenth of a percent?
Oh, now I see what the problem is saying. She is renting the house out to someone else, so they are paying her money. D'oh.
2) So, her expenses for the year = Expenses per month * months per year.
She spends 425 per month, and there are 12 months in a year. So we multiple 12 month * 425 dollars per month = $5,100.
3) She receives $1,200 dollars per month from renting the house. So we multiple $1,200 by 12 months, and we get $14,400.
4. Ummm, rate of income? Wouldn't you just subtract the two amounts from each other? 14400 - 5100 = 9300. So she makes 9300 per year income.
Well they ask for her income rate to the nearest tenth percent so wouldn't it be a percent?
Umm, yeah, I'm not really sure what they're asking for there... Are you given the answer to the question? Perhaps I can work backwards.