Art Neuner, an investor in real estate, bought an office condominium. The market value of the condo was $230,000 with a 70% assessment rate. Art feels that his return should be 12% per month on his investment after all expenses. The tax rate is $31.50 per $1,000. Art estimates it will cost $275 per month to cover general repairs, insurance, and so on. He pays a $140 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.

Monthly rent

$