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Please help me with this questions with full workings, thanks. A young couple has made a non-refundable deposit of the first month's rent (equal to
Please help me with this questions with full workings, thanks.
A young couple has made a non-refundable deposit of the first month's rent (equal to $958) on an apartment lease. The next day they find a different apartment that they like just as well, but its monthly rent is only $837. Assume an annual interest rate of r = 8%. Determine the least number of months the couple plan to be in the apartment in order for them to switch to the new apartment. (Keep your answer to 2 decimal places, e.g. 6.12.)Step by Step Solution
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