Real Estate Math

A tenant in Massachusetts signs a 2-year lease at $2,400/month with a 3% annual increase. What is the monthly rent in the second year?

A$2,472✓ Correct

B$2,448

C$2,500

D$2,460

Explanation

Second year monthly rent = $2,400 × (1 + 0.03) = $2,400 × 1.

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