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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

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

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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
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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