Real Estate Math
A Virginia property manager charges 8% of collected rents. The property collects $12,500 per month. What is the annual management fee?
A$1,000
B$12,000✓ Correct
C$12,500
D$10,000
Explanation
Monthly fee = $12,500 × 8% = $1,000. Annual fee = $1,000 × 12 = $12,000.
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