Real Estate Math
A Texas property manager collects monthly rents totaling $22,000. The management fee is 8.5%. What is the annual management fee?
A$22,440✓ Correct
B$22,880
C$23,040
D$21,900
Explanation
Monthly management fee = $22,000 × 0.085 = $1,870. Annual = $1,870 × 12 = $22,440.
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