A condo is purchased for $300,000. It has monthly taxes of $125, monthly fees of $600, and other monthly expenses of $50. A comparable apartment costs $2,100/month to rent. Three years later, the condo is sold for $350,000, but the real estate agent keeps 5% of the selling price. Calculate the total rate of return received by the owner, rounding to the nearest 0.1%. (Hint: For the buying and selling part of your calculation, only count what they received from the sale.

Answer rating: 100% (QA)

Monthly Expenses Monthly taxes 125 Monthly fees 600 Other expenses 50 Total monthly expense... View the full answer