What is the Net Effective Rent using the following data? Five year gross step up lease with expense stops Gross rents Yr. 1 = $23.00, increasing 3% each year beginning Yr. 2 %3! Operating Expense Yr. 1 $12.00, increasing 2% each year beginning Yr. 2 Expense Stop at $12.00 Round to two decimals for the rents. O $12.77 O $11.84 O $12.29 $12.56

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Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.