Real Estate Math
A property manager charges 8% of collected rents. Monthly collected rents are $14,500. What is the monthly management fee?
A$116
B$1,160✓ Correct
C$1,450
D$870
Explanation
Management fee = Collected rents x management rate = $14,500 x 8% = $1,160. To solve this, multiply the relevant values: $14,500 at 8%.. The correct answer is $1,160.. This is a common calculation on the Ohio real estate exam.
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