Real Estate Math
A Tennessee property manager receives a monthly management fee of 9% of collected rent. If the monthly rent is $2,200 and the unit is occupied for 11 months of the year, what is the annual management fee?
A$2,178✓ Correct
B$2,376
C$2,574
D$2,772
Explanation
Annual collected rent = $2,200 × 11 = $24,200. Annual fee = $24,200 × 9% = $2,178. To solve this, multiply the relevant values: $2,200 at 9%.. The correct answer is $2,178.. This is a common calculation on the Tennessee real estate exam.
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