The monthly fixed costs at the Michaelmas Hotel are $50,000 with a $20 variable cost per room sold. If 1,000 rooms are sold in July at an average selling price of $100 per room sold, what would be the hotels net income (or loss) for the month?

$30,000 net income

$50,000 net income

$70,000 net income

$20,000 net loss