Real Estate Math
A Wyoming property manager charges 8% of gross rents for management. If monthly gross rents are $5,500, what is the annual management fee?
A$440
B$4,400
C$5,280✓ Correct
D$52,800
Explanation
Monthly management fee = $5,500 x 8% = $440. Annual management fee = $440 x 12 = $5,280.
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