Real Estate Math
A property manager in Connecticut charges 8% of collected rents. The managed property collects $12,500 per month. What is the annual management fee?
A$1,000
B$12,000✓ Correct
C$1,200
D$9,600
Explanation
Monthly fee = $12,500 × 8% = $1,000. Annual fee = $1,000 × 12 = $12,000. To solve this, multiply the relevant values: $12,500 at 8%.. The correct answer is $12,000.. This is a common calculation on the Connecticut real estate exam.
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