Real Estate Math
A Rhode Island property manager charges a 9% management fee and a one-month leasing fee on a property with monthly rents of $2,800. Assuming a new tenant is placed and the property is managed for 12 months, what is the total fee for the year?
A$2,800
B$3,024
C$5,824✓ Correct
D$6,048
Explanation
Annual management fee: $2,800 x 12 x 0.09 = $3,024.
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