In Jan $2019,$ Missy Grant moved to Uptown Dallas for a new job in a commercial real estate

investment firm. There, she rented a spacious, two$-$bedroom condominium for $$2,000$ per month,

which included parking but not utilities or cable television. She anticipates no increase in rent for the

foreseeable future. In July $2019,$ the virtually identical unit next door became available for sale with an

asking price of $$620,000,$ and Grant believed she could purchase it for $$600,000.$ The home price is

expected to increase to $$700000$ in $5$ years and the brokerage commission is expected to be $3\%.$ The

mortgage terms are $30-$year monthly $8\mathrm{.}25\%$ interest rate.

She intends to stay in the DFW metroplex for $5$ years. She realized she was facing the classic buy$-$

versus$-$rent decision.

If Grant purchased the new condominium, she would pay monthly condo fees of $$1,055$ per month,

plus property taxes of $$300$ per month on the unit. Unlike when renting, she would also be responsible

for repairs and general maintenance, which she estimated would average $$600$ per year. If she decided

to purchase the new unit, Grant intended to provide a cash down payment of $20$ percent of the

purchase price.

Assuming there is no initial rental deposit to be paid if she rents and her discount rate is $3\mathrm{.}5\%,$ what is

the approximate value of RENT?

Approximate to nearest $10000$ s$.$

$-150000$

$-130000$

$-110000$