Real Estate Math
A Bozeman property manager manages 8 units at $1,100/month rent each. The management fee is 9% of collected rents. If all units are occupied, what is the annual management fee?
A$7,128
B$9,504✓ Correct
C$10,400
D$11,880
Explanation
Monthly rent collected = 8 × $1,100 = $8,800. Annual rent = $8,800 × 12 = $105,600. Annual management fee = $105,600 × 9% = $9,504.
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