How much rent per month must you charge

Reference no: EM13796238

You have decided to buy a small apartment building for $110,000 near a local college. You used $11,000 as a down payment and obtained a mortgage from a local bank for the remaining $99,000. The annual mortgage payment to the bank is $11,500. You expect that the annual maintenance on the building and grounds will be $6,500. There are four apartments (two bedrooms each) in the building that can be rented. Assuming 100% occupancy all year, how much rent per month must you charge in order to break even, such that your revenue equals your expenses each month. (Enter your answer as a number without the dollar sign.).

Reference no: EM13796238

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