Real Estate Math
A Kentucky property management company manages 30 units averaging $950/month each. They charge an 8% management fee. What is their total annual fee income?
A$22,600
B$27,360✓ Correct
C$32,400
D$34,200
Explanation
Monthly gross rent = 30 × $950 = $28,500. Annual gross rent = $28,500 × 12 = $342,000. Annual fee = $342,000 × 8% = $27,360.
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