Question

1. julia determined that she could save $41, 610 over 20 years if she rented an apartment versus taking out a 20-year mortgage on a home. how many months could julia continue to rent an apartment at $1, 095 per month before she would spend the same amount on the apartment as the mortgage would cost?

options: 34 months, 38 months, 36 months, 32 months

Explanation:

Step1: Understand the problem

We know the total savings over 20 years is $41,610, and the monthly rent is $1,095. We need to find the number of months \( n \) such that the total rent paid (\( 1095 \times n \)) equals the total savings (since that's when the cost of renting would equal the cost of the mortgage). So we set up the equation \( 1095n = 41610 \).

Step2: Solve for \( n \)

To find \( n \), we divide both sides of the equation by 1095:
\( n = \frac{41610}{1095} \)

Calculate the division: \( 41610 \div 1095 = 38 \)

Answer:

38 months (corresponding to the option: 38 months)