JENNY'S APARTELLE Create Jenny's Apartelle 2014 from you current model of 2013. SCENARIO: Starting January 2014 the Apartelle will have the following rent and additional income: Rent: 1 Bedroom = $ 965 2 Bedroom= $ 1250 3 Bedroom = $ 1500 Tax Federal Tax = 5% of Annual Gross Revenue (Payable at the end of the year) City's Inspection Fee = $3 per unit every quarter (Payable at the end of the quarter month) Fire Inspection Fee = $5 per unit every 6 months. (Payable at the end of the semestral month) Pest Inspection Fee = $ 1.5 per unit every year (Payable at the end of September). Additional Income 4 vendor machine earning $ 120 each every month; paper recycling income is $150 per month, electronics recycling income is $375 every 2 months (February, April, etc) and parking fee of $ 25 per slot per month (30 slots). Every end of May, the apartelle is having an annual garage sale where residents participate. Jenny earns $500 from this fair as commission. 1. Jenny accepted the offer of Contractor A which will start on March 1, 2014. She got a 6.5% discount from the total cost of the project. Jenny will pay the 40% of the cost of construction at the start of the construction and will pay the balance after the completion of the project. Occupants of the units will move out during the construction thus they will not be paying rent for the month of March and April. 1. Jenny accepted the offer of Contractor A which will start on March 1, 2014. She got a 6.5% discount from the total cost of the project. Jenny will pay the 40% of the cost of construction at the start of the construction and will pay the balance after the completion of the project. Occupants of the units will move out during the construction thus they will not be paying rent for the month of March and April. 2. The apartelle is in full occupancy before and after the construction period. Supply room is still unoccupied. 3. Jenny got a City Council order to pay for the medical insurance of an occupant who suffered an injury during the renovation project. The insurance in total is worth $ 4,580 and is payable in 4 equal monthly payments starting May 2014. 4. Starting July 2014, Jenny's mortgage rate will be 2.49 %. Use your amortization table to compute for the monthly amortization. Use the same amount of loan obtained by Jenny.