Please try to make it as clear as possible! :) The Bainters are considering a rental home with• $1, 190 monthly rent at move-in with a 1.7% increase eachyear• an annual $75 cleaning fee• an annual $450 pet fee• an estimated monthly $17 fee for renters' insurance1. How do you determine how much is spent on housing forany given year?2. Approximately how much will the Bainters spend to rentthe house after the 1ª year, 5th year, 10th year, and 15thyear?Your two answers should includean explanation of how to find the amount spent on housingin one year• for each of the given times ( 1 year, 5 years, 10 years, and15 years),o the monthly rent, rounded to the nearest wholedollaro the calculations to find the total amount the Bainterswill spend for the year

Answered: $450 pet f

Math

Advanced Math

$450 pet f

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter12: Sequences, Series And Binomial Theorem

Section12.3: Geometric Sequences And Series

Problem 12.58TI: What is the total effect on the economy of a government tax rebate of $500 to each household in...

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Question

Please try to make it as clear as possible! :)

The Bainters are considering a rental home with
• $1, 190 monthly rent at move-in with a 1.7% increase each
year
• an annual $75 cleaning fee
• an annual $450 pet fee
• an estimated monthly $17 fee for renters' insurance
1. How do you determine how much is spent on housing for
any given year?
2. Approximately how much will the Bainters spend to rent
the house after the 1ª year, 5th year, 10th year, and 15th
year?
Your two answers should include
an explanation of how to find the amount spent on housing
in one year
• for each of the given times ( 1 year, 5 years, 10 years, and
15 years),
o the monthly rent, rounded to the nearest whole
dollar
o the calculations to find the total amount the Bainters
will spend for the year

Expert Solution

Step 1

Given:

Since monthly rent is $1190, therefore, annual monthly rent is $$ (1190 \times 12) = $ 14280$

As move-in rent increases 1.7% each year, therefore, after $n^{t h}$ year, it will be

$14280 {(1 + \frac{1.7}{100})}^{n}$

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