Real Estate Math
A North Dakota property manager charges 8% of collected rent for management. Monthly rents total $6,500. What is the monthly management fee?
A$650
B$520✓ Correct
C$780
D$325
Explanation
Monthly management fee = Collected rent × Management fee rate = $6,500 × 8% = $520 per month. To solve this, multiply the relevant values: $6,500 at 8%..
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