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  • 81FindaPlacetoLiveperiod2.notebook

    1

    March28,2016

    Bellwork 3-28-16

    1. Where will you be living in a few years? What factors influenced your decision?

    Whatismoreagreeablethanone'shome?MarcusTulliusCicero,AncientRomanWriter,Scholar,andStatesman

  • 81FindaPlacetoLiveperiod2.notebook

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    81 FINDAPLACETOLIVE

    Calculatetheaffordabilityofamonthlyrent.

    Determinetherelationshipbetweensquarefootageandmonthlyrent.

    Determineleasesigningcosts.

    Calculatemovingexpenses.

    OBJECTIVES

  • 81FindaPlacetoLiveperiod2.notebook

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    apartment

    tenant

    landlord

    Key Terms-a home that is rented orleased by the people living in it

    - a person who rents a house orapartment

    - the person or people that owna rented house or apartment

    furnished

    unfurnished

    lease

    - a rental property that has furniture included

    - a rental property that does not include furniture

    - a written agreement between the landlord and a tenant that details the amount of rnt, the length of time the apartment is to be rented, and the rules and regulations that must be followed by the tenant and the landlord.

  • 81FindaPlacetoLiveperiod2.notebook

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    Key Terms expire

    evict

    singlefamilyhome

    - the time when a lease ends

    - the act of legally forcing a tenant to leave a rental property for failure to pay or follow the rules and regulations of the lease

    - a home where one family lives

  • 81FindaPlacetoLiveperiod2.notebook

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    Example1Alexmakes$61,992peryearandpaysabout25%ofhisgrossmonthlyincomeinfederalandstatetaxes.Hewantstofindanapartmenttorent.Estimatehowmuchhecanaffordtopayforrenteachmonth.Thendeterminehowmuchmoneyhewillhaveaftertaxesandrentarepaid.(Rentis2530%ofyourgrossincome.)

  • 81FindaPlacetoLiveperiod2.notebook

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    Bethanysmonthlygrossincomeis$3,840.Shepays24%ofhermonthlygrossearningsinfederalandstatetaxesand15%forherstudentloan.Bethanyuses15%ofhermonthlygrossincometopaytowardhercreditcardbalance.Shewantstorentanapartmentthatwillcost$1,800permonth.Willshebeabletomakethepaymentswithoutchangingtheamountsshepaystowardherstudentloansandcreditcardbalances?

    CHECK YOUR UNDERSTANDING

  • 81FindaPlacetoLiveperiod2.notebook

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    squarefootage

    applicationdeposit

    securitydeposit

    Key Terms- indicates how much floor space is available in a living space

    - money that covers the cost of processing the application for the rental

    - the money given to the landlord from the tenant as protection in the even that the tenant cause damage to the rented property refunded if the tenant moves out if there is no damage, and can range from 1-4 months rent

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    RufusandMariahavebothbeenofferednewjobsinadifferentcity.Arealestatebrokersentthemalistingofapartmentsintheirdesiredlocationshowingthesquarefootageineachapartment.Uselinearregressionanalysistodetermineifthereisacorrelationbetweenthesquarefootageofrentalpropertyandtheamountchargedforthemonthlyrent.Whatisthelinearregressionequation?Interpretthecorrelationcoefficient.

    EXAMPLE2

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    BasedonExample2,whatisagoodestimatefortheamountofmonthlyrentchargedforan880squarefootapartment?

    CHECK YOUR UNDERSTANDING

  • 81FindaPlacetoLiveperiod2.notebook

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    EXAMPLE3RufusandMariapaida$200applicationdepositforthe1,150squarefootapartmentinExample2.Theyarerequiredtoprovideacreditreportthatcosts$25andpayasecuritydepositequaltoonemonthsrent.Thelandlordalsorequiresthelastmonthsrentatthetimeofsigningthelease.Thebrokercharged10%oftheyearlyrent.Howmuchshouldtheyexpecttopaytobeabletomoveintotheapartment?

  • 81FindaPlacetoLiveperiod2.notebook

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    Homework: Page 391, #'s 1-7, #7 we will review AFTER tomorrow's lesson

    Page 1: Mar 30-10:20 AMPage 2: Mar 30-10:20 AMPage 3: Mar 30-10:20 AMPage 4: Mar 30-10:21 AMPage 5: Mar 30-10:21 AMPage 6: Mar 30-10:21 AMPage 7: Mar 30-10:21 AMPage 8: Mar 30-10:21 AMPage 9: Mar 30-10:21 AMPage 10: Mar 30-10:22 AMPage 11: Mar 30-10:22 AMPage 12: Mar 30-10:22 AM