Real Estate Math
An Oklahoma apartment building has 12 units, each renting for $875/month. At 95% occupancy, what is the annual effective gross income?
A$113,100
B$119,070✓ Correct
C$125,000
D$100,000
Explanation
Potential gross income = 12 x $875 x 12 = $126,000. EGI = $126,000 x 95% = $119,700.95 = $119,700. Let's recheck: 12 units x $875 = $10,500/month x 12 = $126,000/year x 0.95 = $119,700.95 = $119,700.
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