Real Estate Math (alternative)
A Maryland tenant's monthly rent is $1,850. Annual rent increases by 3% under a lease renewal. The new monthly rent is:
A$1,850.55
B$1,903
C$1,905.50✓ Correct
D$1,950
Explanation
New rent = $1,850 × 1.03 = $1,905.50. To solve this, multiply the relevant values: $1,850 at 3%.. The correct answer is $1,905.50.. This is a common calculation on the Maryland real estate exam.
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