Real Estate Math
A Myrtle Beach property manager charges 9% of collected monthly rents. Monthly collections are $22,000. What is the annual management fee?
A$19,800
B$23,760✓ Correct
C$23,900
D$24,200
Explanation
Monthly fee = $22,000 × 9% = $1,980. Annual fee = $1,980 × 12 = $23,760. To solve this, multiply the relevant values: $22,000 at 9%.. The correct answer is $23,760.. This is a common calculation on the South Carolina real estate exam.
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