Question

When signing the lease for his $750.00 per month rental property. Stanley will have to pay the first and last months rent and a security deposit equal to 30% of one month's rent. If Stanley currently earns an average bi-weekly net pay of $1,050.00, determine what percent of his monthly pay he will need to save if he wants to save enough money to sign the lease in three month.

Answer 1

To sign the lease in three months, Stanley needs to save approximately 82.14% of his monthly pay.

Step-by-step explanation:

To determine what percent of his monthly pay Stanley will need to save in order to sign the lease in three months, let's calculate his total savings needed first.

First and last month's rent: $750 x 2 = $1500

Security deposit: 30% of one month's rent = 30% x $750 = $225

Total savings needed = First and last month's rent + Security deposit = $1500 + $225 = $1725

Stanley's average bi-weekly net pay is $1050, so his monthly net pay is 2 x $1050 = $<<2*1050=2100>>2100.

To determine what percent of his monthly pay Stanley needs to save, divide the total savings needed by his monthly net pay: $1725 / $2100 = 0.8214.

To express this number as a percentage, multiply by 100: 0.8214 x 100 = 82.14%.

Therefore, Stanley needs to save approximately 82.14% of his monthly pay to sign the lease in three months.