Ursula owns a strata lot in a residential development. The square footage of her lot is 1,250 sq. ft. and the total square footage of the other 22 strata lots is 27,550 sq. ft. The common property amounts to 20,000 sq. ft. The annual expenses for the current year are $107,000. The strata title legislation provides that maintenance fees are calculated as follows:  [square footage of strata lot ÷ total square footage of all strata lots] × total annual expenses Calculate Ursula's monthly payment.

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First calculate the total square footage of all strata lots 125... View the full answer