Real Estate Math
A South Dakota property management company charges 8% of monthly rent. The property rents for $1,500/month. What is the annual management fee?
A$120
B$1,440✓ Correct
C$1,500
D$1,200
Explanation
Monthly fee = $1,500 × 8% = $120. Annual fee = $120 × 12 = $1,440.
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