Real Estate Math
A Colorado apartment unit rents for $1,600/month. Over a 12-month lease, the tenant is given 1 month free. What is the effective monthly rent?
A$1,466.67✓ Correct
B$1,511.11
C$1,533.33
D$1,600.00
Explanation
Total rent paid = $1,600 × 11 months = $17,600. Effective monthly rent = $17,600 / 12 months = $1,466.
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