Real Estate Math
A Maine office building has a 3-year escalating lease: Year 1 = $22/sq ft, Year 2 = $23/sq ft, Year 3 = $24/sq ft. The building is 4,000 sq ft. Total rent over 3 years is:
A$264,000
B$276,000✓ Correct
C$288,000
D$300,000
Explanation
Year 1 = 4,000 × $22 = $88,000. Year 2 = 4,000 × $23 = $92,000.
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