Real Estate Math
A Mississippi property management company charges 8% of collected rents. In January, 90% of the $25,000 in scheduled rents were collected. The management fee for January is:
A$2,000
B$1,800✓ Correct
C$2,250
D$1,650
Explanation
Collected rent = $25,000 × 90% = $22,500. Fee = $22,500 × 8% = $1,800. To solve this, multiply the relevant values: $25,000 at 8%.. The correct answer is $1,800.. This is a common calculation on the Mississippi real estate exam.
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