Real Estate Math
A South Carolina rental property has a potential gross income of $60,000/year and a 5% vacancy rate. What is the effective gross income?
A$55,000
B$57,000✓ Correct
C$57,500
D$59,000
Explanation
Vacancy loss = $60,000 × 5% = $3,000. EGI = $60,000 − $3,000 = $57,000. To solve this, multiply the relevant values: $60,000 at 5%.. The correct answer is $57,000.. This is a common calculation on the South Carolina real estate exam.
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