Throughout their marriage, the Manda's have always lived in their condominium, but they decide to purchase a four-bedroom bungalow in the same neighbourhood for $672,000 on July 1, 2023. On this date, GGI provides Ramshika with a $250,000 interest-free loan that will facilitate the purchase. However, the balance must be paid in full on July 1, 2028. Assume that the prescribed interest rate is 1% throughout 2023. Rashmika and her husband decided to keep the condominium and rent it in 2023. Their hope is to have their daughter live there while she attends university in a few years. They purchased the property in 2005 at a cost of $120,000. In 2023, they received $15,000 as rent and paid the following expenses: - Property management fee $3,000 - property tax $2,000 - strata fees $5,000 - repairs and maintenance $3,000 Rashmika began consulting with her condominium Strata to collaborate on ways to promote reducing waste and upcycling materials from residents. Given her editorial and literary expertise, the strata voted for Rashmika to review a report and supporting promotional materials that outlined the options available to the condominium residents. Rashmika did not want payment for doing this but the residents voted to give her three months of strata fees in exchange for her services. How much is other income for consulting for condominium strata?

Answer rating: 100% (QA)

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