The total cost of owning a home for 6 years is $120,000. The
rent for a comparable home is $1500 per month. If you had invested the
down payment for the home, you could have earned $10,000 in interest.
After 6 years, how much more, in dollars, is the cost of owning compared
to the cost of renting?

Question

06-07-2022
Mathematics

Answered

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The total cost of owning a home for 6 years is $120,000. The
rent for a comparable home is $1500 per month. If you had invested the
down payment for the home, you could have earned $10,000 in interest.
After 6 years, how much more, in dollars, is the cost of owning compared
to the cost of renting?

Sagot :

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ewomazinoade ewomazinoade · Answer 1 · 2022-07-13T13:52:34-04:00

After 6 years, the difference between owning the house and renting is $12,000.

What is the difference in owing and renting the house?

The first step is to determine the total cost of renting the house for six years.

Total cost of renting the house = rent per month x number of years x number of months in a year

1500 x 12 x 6 = $108,000

Difference = cost of owning - cost of renting

$120,000 - $108,000 = $12,000

To learn more about subtraction, please check: https://brainly.com/question/854115

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The total cost of owning a home for 6 years is $120,000. The rent for a comparable home is $1500 per month. If you had invested the down payment for the home, you could have earned $10,000 in interest. After 6 years, how much more, in dollars, is the cost of owning compared to the cost of renting?

Sagot :

What is the difference in owing and renting the house?

Other Questions

The total cost of owning a home for 6 years is $120,000. The
rent for a comparable home is $1500 per month. If you had invested the
down payment for the home, you could have earned $10,000 in interest.
After 6 years, how much more, in dollars, is the cost of owning compared
to the cost of renting?