Review the rental costs at Pine Woods Apartments outlined below. Compare these costs with your estimated income and rental and living expenses, and then answer the following questions. THE CHALLENGE You have $500 in savings and $125 in cash. You start a full-time job and your take-home pay is $1,400 a month. You are currently living with your parents and only have to pay a monthly vehicle payment of $195 and a cell phone bill of $56. You also spend about $100 on gas and have been saving $50 a month. That leaves you with about $800 each month for entertainment, food/eating out, personal expenses, and additional savings toward an apartment. You are anxious to move out on your own. You begin to look at one-or two-bedroom apartments at the Pine Woods Apartments to determine whether you can afford it yet. Pine Woods Apartments: Rental Expenses Security Deposit Application fee. First Month's Rent: Total to Move In Income Savings Available Cash Total Initial Funds: Total Monthly Funds: (for example: water electric/gas, cable, Internet, and phone) Bedroom 2 $650 Food Vehicle payment: Vehicle insurance Gas Cell phone Savings: Estimated Total: 1 $500 $10 $10 $400 $550 $910 $1,210 $500 $125 Estimated Living Expenses if Renting Utilities 5200 $625 $1,400 $200 $195 $75 $100 556 $50 5876 1. Based on your total initial funds, can you afford to move into a one-bedroom apartment at the Pine Woods Apartments today? 2. How much more money would you need to save to move into a one-bedroom apartment? 3. How long will it take you to save that amount if you continue to save $50 a month? 4. Could you afford the monthly rent (for a one-bedroom apartment) and your estimated expenses, based on your income? 5. You and your best friend decide to rent a two-bedroom apartment together. If you split the costs to move in (security deposit, application fee, and first month's rent), what would it cost each of you to move in, and could you afford it? 6. Could you afford the monthly rent and your expenses if you shared a two-bedroom apartment?