Questions: Paul leases an apartment with a security deposit of 2050 and monthly payments of 1,880. Assuming half of his security deposit is returned to him at the end of the lease, what will be the total cost of a one-year lease?

Paul leases an apartment with a security deposit of 2050 and monthly payments of 1,880. Assuming half of his security deposit is returned to him at the end of the lease, what will be the total cost of a one-year lease?
Transcript text: Paul leases an apartment with a security deposit of $\$ 2050$ and monthly payments of $\$ 1,880$. Assuming half of his security deposit is returned to him at the end of the lease, what will be the total cost of a one-year lease? Do not include a \$ sign with your response.
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Solution

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Solution Steps

Step 1: Calculate the total rent paid over the year

Paul pays $1,880 rent per month, and there are 12 months in a year, so the total rent paid is 1880 * 12 = $22,560

Step 2: Calculate the returned portion of the security deposit

Half of the security deposit is returned, meaning he gets back 2050 / 2 = $1025.

Step 3: Calculate the net cost of the lease

The total cost of the lease is the total rent paid minus the returned portion of the security deposit. 22560 - 1025 = $21,535

Final Answer:

21535

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