Real Estate Math
A property manager collects $12,000 per month in rents, 6% vacancy rate, and management fee is 9% of collected rents. What is the monthly management fee?
A$1,080
B$1,015.20✓ Correct
C$720
D$648
Explanation
Collected rents = $12,000 x (1 - 0.06) = $12,000 x 0.94 = $11,280. Management fee = $11,280 x 9% = $1,015.20.
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