Art Neuner, an investor in real estate, bought an office condominium. The market value of the...
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Art Neuner, an investor in real estate, bought an office condominium. The market value of the condo was $215,000 with a 80% assessment rate. Art feels that his return should be 10% per month on his investment after all expenses. The tax rate is $32.50 per $1,000. Art estimates it will cost $250 per month to cover general repairs, insurance, and so on. He pays a $120 condo fee per month. All utilities and heat are the responsibility of the tenant. Calculate the monthly rent for Art. Note: Round your intermediate calculations and final answer to the nearest cent. > Answer is complete but not entirely correct. Monthly rent $ 919.42 Art Neuner, an investor in real estate, bought an office condominium. The market value of the condo was $215,000 with a 80% assessment rate. Art feels that his return should be 10% per month on his investment after all expenses. The tax rate is $32.50 per $1,000. Art estimates it will cost $250 per month to cover general repairs, insurance, and so on. He pays a $120 condo fee per month. All utilities and heat are the responsibility of the tenant. Calculate the monthly rent for Art. Note: Round your intermediate calculations and final answer to the nearest cent. > Answer is complete but not entirely correct. Monthly rent $ 919.42
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Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
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