Real Estate Math
An Oklahoma commercial lease requires rent of $22/sq ft/year on 3,200 sq ft with 3% annual escalations. What is the rent in year 2?
A$72,512✓ Correct
B$72,528
C$72,512.00
D$70,400
Explanation
Year 1 rent = 3,200 x $22 = $70,400. Year 2 rent = $70,400 x 1.03 = $72,512. To solve this, multiply the relevant values: $22 at 3%.. The correct answer is $72,512.. This is a common calculation on the Oklahoma real estate exam.
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