Real Estate Math
A New York broker's property management agreement calls for a fee of 8% of collected rents. The building collects $18,500 per month. What is the annual management fee?
A$1,480
B$17,760✓ Correct
C$22,200
D$148,000
Explanation
Monthly fee = $18,500 x 0.08 = $1,480.
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