The Basil family has a summer co-op apartment on a beach and pays a monthly mortgage payment of $1,120 and a monthly maintenance fee of $800. The Basils get approval from the co-op board of directors to sublet their apartment, since they do not plan to use it this sum- mer. This means they will continue to make all the payments, but they will rent the apartment to a tenant for the three months they are away. The Basils will charge $2,300 per month to the tenants.
a. What is the total of the three months' mortgage payments and maintenance fees?
b. How much rent will the Basils receive?
c. Will the rent cover the monthly fees that the Basils must pay?
d. What is the difference between the rent the Basils will collect and their monthly payments for the three months?