Question
Felice bought a duplex apartment at a cost of $225,000. Her mortgage payments on the property are $1,320 per month, $669 of which can be
Felice bought a duplex apartment at a cost of $225,000. Her mortgage payments on the property are $1,320 per month, $669 of which can be deducted from her income taxes. Her real estate taxes total $1,884 per year, and insurance costs $1,524 per year. She estimates that she will spend $1,320 each year per apartment for maintenance, replacing appliances, and other costs. The tenants will pay for all utilities.
What must she charge to make $4,150 in profit each year?
my answer was $577.5, but I guess that was wrong. am I missing something from this problem?
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