Real Estate Math
A Tennessee property manager charges 8.5% of collected rents. If the property collects $156,000 in annual rent, what is the annual management fee?
A$13,260✓ Correct
B$12,480
C$15,600
D$14,040
Explanation
Annual management fee = $156,000 × 8.5% = $13,260. To solve this, multiply the relevant values: $156,000 at 8.5%.. The correct answer is $13,260.. This is a common calculation on the Tennessee real estate exam.
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