A young couple has made a nonrefundable deposit of the first month's rent (equal to ($ 1,000)
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A young couple has made a nonrefundable deposit of the first month's rent (equal to \(\$ 1,000\) ) on a 6 -month apartment lease. The next day they find a different apartment that they like just as well, but its monthly rent is only \(\$ 900\). They plan to be in the apartment only 6 months. Should they switch to the new apartment? What if they plan to stay 1 year? Assume an interest rate of \(12 \%\).
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To determine whether the young couple should switch to the new apartment with lower rent we need to ...View the full answer
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