Real Estate Math
A NJ landlord increases rent by 3% on a unit renting for $1,750/month. What is the new monthly rent?
A$1,780.25
B$1,802.50✓ Correct
C$1,815.00
D$1,822.50
Explanation
New rent = $1,750 × 1.03 = $1,802.50 per month. To solve this, multiply the relevant values: $1,750 at 3%.. The correct answer is $1,802.50.. This is a common calculation on the New Jersey real estate exam.
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