4 eBook Art Neuner, an investor in real estate, bought an office condominium. The market value of the condo was $200,000 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 $250 per month to cover general repairs, insurance, and so on. He pays a $120 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.