Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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Art Neuner, an investor in real estate, bought an office condominium. The market value of the condo was $290,000 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 $275 per month to cover general repairs, insurance, and so on. He pays a $140 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.
Monthly rent
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Transcribed Image Text:Homework i Saved Art Neuner, an investor in real estate, bought an office condominium. The market value of the condo was $290,000 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 $275 per month to cover general repairs, insurance, and so on. He pays a $140 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. Monthly rent
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