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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Set up and solve equations for the following business situations.

Scott Mason purchased a 4-unit apartment building as an investment before he retired. From the rent he collects each month, Scott pays out $600 for expenses. How much rent must he charge for each of the 4 apartments if he wants to make $500 profit each month? The amount of rent is the same for each of the apartments.

To determine

To calculate: The rental charge of each apartment to make the profit of $500 per month, if a 4-unit apartment is purchased by Scott Mason and he pays $600 each month as expenses.

Explanation

Given Information:

A 4-unit apartment is purchased by Scott Mason and he pays $600 as expenses and the profit should be $500 per month.

Formula used:

To solve the equation and prove the solution, follow the steps as mentioned below.

Step 1: Understand the problem and write the facts of the equation.

Step2: List the known and the unknows from the problem.

Step3: Write the equation with the help of following table of key word,

Equal Sign Addition Subtraction Multiplication Division Parentheses
Is And Less of Divide Times the quantity of
Are Added to Less than Multiply Divided by
Was Totals Smaller than Times Divided into
Equals The sum of Minus Product of Quotient of
Gives Plus Difference Multiplied by Ratio of
Giving More than Decreased by Twice
Leaves Larger than Reduced by Double
Results in Increased by Take away Triple
Produces Greater than Loss of At
yields exceeds Fewer than @

Step4: Solve the equation by rearrange the unknown values to the left side and known values to the right side of the equal sign.

Step5: Prove the solution by substituting the value obtained from step 4 in the equation formed in step 4 then check the left and right of the equation if, they are equal then the answer is correct.

Calculation:

Underline the keyword by using the table of of key word.

Charges earned minus charge paid equals profit.

Suppose that X be the rental charge of each apartment

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