Real Estate Math
An Alaska commercial lease requires the tenant to pay $22 per square foot per year for 3,500 sq ft. What is the monthly rent?
A$5,500
B$6,417✓ Correct
C$6,500
D$7,700
Explanation
Annual rent = 3,500 × $22 = $77,000. Monthly rent = $77,000 ÷ 12 = $6,416.67, approximately $6,417. Using the values given ($22), apply the appropriate formula.. The correct answer is $6,417.. This is a common calculation on the Alaska real estate exam.
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