5. The province of Ontario set the most recent annual percent rent increase at _%. (see our note for this answer) Suppose the percent rent increase remains the same next year. This year, an apartment has a monthly rent of $945. What will the cost of rent be for the same apartment next year?
5. The province of Ontario set the most recent annual percent rent increase at _%. (see our note for this answer) Suppose the percent rent increase remains the same next year. This year, an apartment has a monthly rent of $945. What will the cost of rent be for the same apartment next year?
Chapter16: Tax Research
Section: Chapter Questions
Problem 78AM
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Question
Transcribed Image Text:5. The province of Ontario set the most recent annual percent rent increase at
%. (see our note for this answer)
Suppose the percent rent increase remains the same next year.
This year, an apartment has a monthly rent of $945. What will the cost of rent be for the
same apartment next year?
6. Below is an example of a Hydro Bill. Examine it and answer the questions.
Skills Practice 6: Reading a Utility Bill
Select Hydro Company
JOE CONSUMER
P
P.O. Box 1234, Capital, Ontario Account 714033-002-soso
Electricity Bill
Biing Peried from May 12, 20, to
Service Addres
14 CITY CIRCLE, CAPETAL, ON
July 12, 20
Date Your B Was Prepared:
Your Electricity Charges
Ee Car ss y 28, 20
Pvn
Thank You For Your Peyment
ey Ch
De etement Cher
SI87.90
CONSERVATION
TIP: Turn off lights,
computers, and
appliances when you
are not using them.
T rty Or
SI
Su T
Pror ne
5.00
Tt Amut
Payment Due on August 28, 20
Your Electricity Usage for this Period
SI
Your Hstorical Dectricity Usage
(wwh per day)
Het ge
art
There is a lot more information on a utility bill than how much you owe! You can use
information about historical usage, conservation tips, and rates to help you save money
on utilities.
a) What are the beginning and end dates of the billing period?
beginning date
end date
b) A bill with the frequency in a) is referred to as a
expense.
c) How many times per year will this customer be billed?
d) On what date is payment due?
e) What is the customer's account number?
f) What is the unit price of 1 kilowatt hour (kWh)?
8)What is the average number of kilowatt hours used per day in this billing period?
h)How many kilowatt hours of electricity would this customer use in a 4-month period?
Assume that their consumption remains the same.
i) How much would this customer spend on electricity consumption in the 4-month
period in part h)?
j) Read the box titled Conservation Tip. Suggest 3 other ways of using less electricity.
Transcribed Image Text:7. The Smiths rent a semi-detached house for $1120 per month. They pay for utilities as
well as rent.
a) How much will the Smiths pay in rent in 1 year?
b) Determine the estimated annual cost of some of their other expenses based on the
following information.
Billing
Frequency
Average Amount
Billed
Estimated
Annual Cost
Item
Natural gas
Monthly
$140
Electricity
Bi-monthly
$190
Water
Quarterly
$160
Estimated Total
Annual Cost
c) An economist predicts that utility costs could rise by 15% next year. How much can
the Smiths expect to pay for utilities next year?
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