Real Estate Math
A Michigan property manager charges 8% of collected rents. Monthly rents collected are $14,500. What is the monthly management fee?
A$1,160✓ Correct
B$1,740
C$870
D$1,450
Explanation
Management fee = $14,500 × 0.08 = $1,160. To solve this, multiply the relevant values: $14,500 at 8%.. The correct answer is $1,160.. This is a common calculation on the Michigan real estate exam.
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