Real Estate Math
A Minnesota property manager charges 8% of gross monthly rents. The building collects $18,500 per month in rent. What is the monthly management fee?
A$1,480✓ Correct
B$1,280
C$1,580
D$2,220
Explanation
Monthly management fee = Gross Monthly Rent x Management Fee Rate = $18,500 x 0.08 = $1,480.
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