Felice bought a duplex apartment at a cost of 230 000 Her mortgage payments on...

90.2K

Verified Solution

Question

Basic Math

Felice bought a duplex apartment at a cost of 230 000 Her mortgage payments on the property are 1 070 per month Her real estate taxes total 2 112 per year and insurance costs 900 per year She estimates that she will spend 1 530 each year per apartment for maintenance replacing appliances and other costs The tenants will pay for all utilities Ignore income taxes changes in equity value and changes in property value What monthly rent must she charge for each apartment to break even Do not round intermediate calculations Round your answer to 2 decimal places Rent per apartment to break even

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

Felice bought a duplex apartment at a cost of 230 000 Her mortgage payments on the property are 1 070 per month Her real estate taxes total 2 112 per year and insurance costs 900 per year She estimates that she will spend 1 530 each year per apartment for maintenance replacing appliances and other costs The tenants will pay for all utilities Ignore income taxes changes in equity value and changes in property value What monthly rent must she charge for each apartment to break even Do not round intermediate calculations Round your answer to 2 decimal places Rent per apartment to break even