A tenant pays a $2,400 security deposit and $1,800 monthly rent for a Tampa apartment. The landlord must pay interest on the security deposit. If the current interest rate is 3% annually and the tenant stays for exactly 2 years, what is the total interest owed to the tenant?
Correct Answer
A) $144.00
Correct: $2,400 × 0.03 × 2 years = $144.00 total interest owed. Why not B: This calculates only 1.5 years of interest. Why not C: This calculates only 1 year of interest. Why not D: This calculates only 6 months of interest.
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Previous Question
A property manager in Miami discovers that a tenant has been operating an unlicensed daycare business from their residential apartment, violating the lease terms. The lease specifies 'residential use only.' What is the property manager's best course of action under Florida law?
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A property manager receives a complaint that a tenant in Jacksonville has been subletting their unit on Airbnb without permission. The original lease prohibits subletting. The tenant has been doing this for 3 months, and the landlord has been accepting rent payments during this time. What legal principle applies?