You have decided to buy a small apartment building for


You have decided to buy a small apartment building for $125,000 near a local college. You used $12,500 as a down payment and obtained a mortgage from a local bank for the remaining $112,500. The annual mortgage payment to the bank is $13,500. You expect that the annual maintenance on the building and grounds will be $15,500. 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.)

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Financial Management: You have decided to buy a small apartment building for
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