Question

You have purchased a property that you intend to rent out to people. The mortgage payment is $871/month and the property taxes are about $4,188/year. What is the least amount that you should charge for rent to come out even? Show your work to receive partial credit.

Answer 1

Since there's 12 months in a year,

`4188 / 12 \ = 349`

`349 + 871 = 1220`

Least amount you should charge for the rent to come out even is $1220.

Hope this helps. - M