Required information [The following information applies to the questions displayed below.] Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2019, Phoenix expects to find renters for 100 apartments with an average first month's rent of $880. Budgeted cost data per tenant application for 2019 follow, Professional labor 18 hours at $15.00 per hour Credit checks: $60.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $4,000 per month. On average. Phoenix is successful in placing one tenant for every three applicants ctual rental applications in August 2019 were 270. Phoenix paid $8,800 for 450 hours of professional labor. Credit checks went up to $65 per application. Other costs in August 2019 (lease, secretarial help, and utilities) were $4,600. The average first monthly rentals for August 2019 were $1,000 per apartment unit for 90 units