Real Estate Math
An Iowa commercial property has annual gross rents of $60,000, a vacancy rate of 5%, and operating expenses of $20,000. What is the net operating income?
A$37,000✓ Correct
B$40,000
C$57,000
D$60,000
Explanation
Effective Gross Income = $60,000 x (1 - 0.05) = $57,000.
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