Question

You have purchased a property that you intend to rent out to people. The mortgage payment is $765/month and the property taxes are about $4,056/year. What is the least amount that you should charge for rent to come out even? Please round your answer to the nearest dollar.

Answer 1

Monthly mortgage payment multiplied by 12 months in a year.
765*12=9,180.
Add yearly mortgage plus property taxes:
9,180+4,056=13,236
Divide the total by 12 months in a year.
13,236/12=1,103
You should charge $1,103 a month to come out even.

You can also take the property taxes and divide them by 12 (months in a year) 4056/12=338. Then add the monthly mortgage ($765)
765+338= $1,103.

Hope this helps :)