Real Estate Math
A Maine property management company charges 8% of gross monthly rent collected. If the managed property collects $12,500 in rent during a month, the management fee is:
A$800
B$1,000✓ Correct
C$1,250
D$1,500
Explanation
Management fee = $12,500 × 8% = $1,000. To solve this, multiply the relevant values: $12,500 at 8%.. The correct answer is $1,000.. This is a common calculation on the Maine real estate exam.
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