Real Estate Math
The monthly rent on a property is $2,400. The gross rent multiplier (annual) for comparable properties is 14. What is the estimated property value?
A$33,600
B$403,200✓ Correct
C$4,032,000
D$288,000
Explanation
Annual rent = $2,400 × 12 = $28,800. Estimated value = Annual rent × GRM = $28,800 × 14 = $403,200.
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