Real Estate Math
A West Virginia rental property generates monthly gross rent of $1,800. The owner's vacancy and credit loss rate is 5%. What is the effective gross income per year?
A$20,520✓ Correct
B$21,600
C$19,440
D$22,500
Explanation
Annual gross rent = $1,800 x 12 = $21,600. Vacancy loss = $21,600 x 0.05 = $1,080. Effective Gross Income = $21,600 - $1,080 = $20,520.
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